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FULLER PEISER 

Chartered Surveyor 


Mataeandsei 

Property and Plant 

*e:Qt3536851 



No. 28,750 


PUBLISHED IN LONDON AND FRANKFURT 

Friday April 16 1982 


***30p 


WpA 

SUPERCOVER 

PRIVATE HEALTH INSURANCE 

Wfeslem Prcvident Association Limited 
Qiverhouse.Culver Street Bristol 8S15JE 
.Telephone (0272) 23241 ' 


IWgJTAL SB - Uft{q PRICES: ft,JST R1A Sch-15; BELGIUM Bf30; ' DENMARK KrB^fc FRANCE FrS.00: GERMANY DM2.0: ITALY L 1.000; NETHERLANDS H Z25; NORWAY Krfi.OO; PORTUGAL Em 50; SPAIN Pta 85: SWEDEN KrCJM; SWITZERLAND FrZ.0: EIRE fl2p; MALTA 30c 


NEWS SIMM AIN 


GENERAL BUSINESS 

Stewards Equities 


to press 

tractor 

strike 


Shop-stewards at 

Ferguson’s Cojtt entry tractor- 

plain voted unanimously to 
urge 3,300 manual workers to 
continue their strike.. 

The ' Canadian -based multi- 
national seemed to have hoped 
workers would overturn the 
stewards' militant lead. A mass 
meeting today will he a key- 
test.' Back Page 

Terry May rioters 
sentenced . 

Ten young blacks who took part 
in rioting in Thornton Heath, 
South London, that ended in jhe 
stabbing and death of crippled 
teenager Terry May received . 
sentences ranging from eight 
years in prison to borstal. 

Mr Justice Farquh arson said 
they had suffered “provocation 
and insult 1 ’ from whites before 
the Trot last June but ’‘the 
revenge you took that night on 
totally innocent people” was “out 
of ail proportion.’* 

Sinai moye 

Egypt is to seek international 
arbitration to resolve dfiffer- 
erwes with Israel over the Sinai 
border. . StoesseL - optimistic, 
Lebanon fighting. Page 5 

Sadat executions 

Five Moslem fundamentalists . 
were executed in Cairo for 
assassinating President Sadat 

Institute starts 

A body (to combat Europe's 
peace movement, the Luxem- 
bourg-based European Institute 
for . Security Matters', was 
in imched in BrcwseJs by West 

S-UK dr " French politi- 
joined. ,.’ . ' 

Wfffliary accord 

ement to provide logistic 
for six extra U.S. divi- 
^srensin .war and emergencies 
iipsr. signed by West Germany. 
M&utiOfcr . backs Nato policy. 


off 9.6; 

Sterling 

improves 

• EQUITIES eased on Falk- 
land^ rumours. Hie FT 30- 


530 



jfetores base 


arid Portugal started 
.tidM otF renewing the contract 
air base at Lajes, 
-#8ores ‘Islands. 

Dock redundancy 

Port employers announced pay- 
offs -uf up to £22,500 to achieve 
more redundancies . among 
18,000 registered dockers. 
Union leaders voted to “oppose 
totally” ihe reorganisation of 
the National Dock Labour 
•Board. 

C. Y. Tung dies 

Hong Kong shipping magnate 
C. Y. Tung, 71, creator of one 
of the world’s largest fleets, 
died. Page 5 

i .. ’ 

Jailed for fraud 

Hornchurch businessman Alan 
Eva was jailed for four years. 
He admitted defrauding an 
insurance company of more than 
£lm and plotting arson of the 
" Stratford, London, premises, of 
Graphos Design Printers in 
1980. . . 

Third World funds 

A UN Industrial Development 
Organisation report accused 
industrial nations of starving 
.the Third World of funds .while 
the gap between rich and poor 
states widened daily. World 
Bank rebuff, Page 6 


-i' Brigades Union secretary 
erry Parry died. Page 10 

ad's Army star. -Arthur Lowe 
ed.T* Page 17 

ingladesh cyclone Rilled at J 
asa 10 people. 

flour TV as lo he introduced 
India. 


Share Index was off 9.6 at 544.8 
a fall of 4$ per cent since the 
erisis began. Page 36 

• GILTS were also nervous- 
The Government Securities 
index lost 0.31 at 60.59. Page 36 

• STERLING rose sharply in 
late trading to finish 35 points 
up at 5L762. It was firmer at 
DM 43725 (DM 4J555), FFr 
1L095 (FFr 11.055) and SwFr 
3.4825 (SwFr 3.455), but its 
trade-weighted index slipped to 
894 (90.2). Page 28 

• DOLLAR improved to DM 
2.4235 (DM 2.418), FFr 6.3 

' (FFr 6285). SwFr 1.975 (SwFr 
1.9625) and Y24S.25 (Y247.5). 
Its Bank of England index was 
116.5 (116^). Page 28 

• GOLD fell ^1.75 to $363.25 in 

London. Page 28 - 

• ; WALL STREET was off L14 
-at 836.95 before .the deas. 

Page' 34 - :• -* - 7 . 

• BRITISH, tiring standards, 
rank 10th among the world's 15 
Biggest industrial countries, the 
OECD said. 1 Back Page 

• FRENCH inflation and unem 
ployment edged up last month 
Retail prices rose about 1J2 per 
cent, and some 8 per cent of the 
workforce are jobless. Page 3 

• CHINA is storting to call 
tenders . for education equip- 
ment, to be financed by 5200m 
(£115m) World .Bank loans 
Page 7 

• MERSEY DOCKS and Har- 
bour Company plans a severance 
offer of £22,500 for workers with 
la years’ service. It hopes for 
1,500 .voluntary redundancies 
from 5,000 staff. 

• SUZUKI MOTOR of Japan 
was chosen By India to colla- 
borate with the state-owned 
Maruti Udyog to make small 
cars and other vehicles. Back 
Page 

• RIO TENTO-ZINC 1981 net 
profits fell to £102 from 

■ £1 55.4m but -the dividend is 
mai ntained at 16p. Page 21; 
Lex, Back Page 

• TAYLOR WOODROW, builder 
and civil engineer, saw taxable 
profits for 1981 almost un- 
changed at £24-88m, after los- 
ing £4m on a Trinidad road 
contract. Page_2Q; Lex, Back 
Page 

• NEWS . CORPORATION, 
Rupert Murdoch's media hol d in g 
company, reported six-month 
pre-tax profits- down to A$34,3m 
(£20. 4m) from £A$71.07m, 
reflecting UK trading losses. 
Page 26 

•'MORGAN CRUCIBLE, engin- 
eer, -reported pre-tax profits 
down from £10.Q3m to £8.07m 
for the 53 weeks to January 3, 
witk results “ inevitably poor ” 
for the UK subsidiaries. Page 20. 

STROH and SCHLITZ, U,S. 
brewers, agreed a merger deal 
after Stroh raised its offer from. 
$10 to $17 a share. Page 24 

• CRA, Australia's third biggest 
company, plans to buy half of 
Shows Alurmraam Industries of 
Japan . for Y25bn. (£57m). 
Page 26 


Regan complains of 
‘steep recession’ 

production drops 



Industrial Production 


: no Scno«n«lr.r=ird 



1978 79 *80 Bl *82 


BY AN-ATOLE KALET5KY IN WASHINGTON 


MR DONALD REGAN, the U.S. 
Treasury Secretary, yesterday 
pronounced the U.S. economy 
“dead in the water” as the 
Federal Reserve Board pub- 
lished another set of gloomy 
economic statistics. 

He Implied that, the AdminS- 
stration and Congress will have 
to agree to curb expected 
federal deficits to get the 
economy moving again. 

The economy as “in very 
steep recession” and is “not 
going anywhere— it’s not going 
down much; it’s not going up 
any: it’s just dead." Mr Regan 
said on ABC Television just 
before the publication of indus- 
trial production figures for 
March. . These showed a 0B per 
cent .decline. 

This was the seventh fall in 
the past eight * months, and 
leaves- current production 
8.3 per cent below the level of 
last July. 

Yesterday's figures showed 
that tiie production increase 
recorded in February was a 
statistical freak. The February 
increase, originally estimated as 
1.6 per cent has now been 
revised to 1.2 per cent and 
Administration economists con- 
cede that it was a largely mean- 
ingless blip, due afrnosrt entirely 


to recovery after the unprece- 
dented cold weather experienced 
in much of the country In 
January. 

.Mr Regan conceded that the 
long-awaited economic upturn, 
which he had earlier character- 
ised as the economy “roaring 
back” in the spring, would 
begin only late this summer. 

Even this would depend on 
a compromise between the Con- 
gress and President Reagan 
over tiie 1983 Budget to reduce 
the expected deficit of $102bn 
(£58bn), Mr Reagan implied. 

“High, interest rates have 
brought this economy to its 
knees,” he said on television. 
“To get it going we have to let 
business know we are cutting 
deficits. That will be the signal 
business wants.” 

Asked if the Administration 
still believed that the economy 
would recover by the late sum- 
mer, he replied that it did. “if 
we get this compromise (on 
the budget) and get these 
deficits down.” 

The Administration's official 
view, forcefully put by Mr 
Regan since the beginning of 
the controversy over the 1983 
Budget, had been that the size 
of the -projected budget deficit 
was compatible with an econ- 


omic recovery this summer. 

But yesterday he conceded 
that this recovery would be at 
best short-lived unless interest 
rates could be reduced. 

The key question exercising 
the Administration is whether 
such a reduction in interest 
rates can be achieved on the 
basis of . President Reagan's 
Budget. Mr Regan's statements 
yesterday may suggest that he 
is beginning to accept the Wall 
Street view that budget deficits 
of more than $100bn are incom- 
patible with lower interest 
rates. 

Mr Malcolm Baldrige, the 
U.S. Commerce Secretary, also 
said yesterday -that an econo- 
mic recovery will depend 
largely on interest rates, 
although he said that “all the 
tools are in place for a recovery 
to begin in June” 

The Commerce Department's 
Chief Economist, Mr Robert 
Ortner. said that the March 
industrial production figures 
suggested that “ maybe the 
recession is not going to end 
sharply like it has in the past. 
Maybe like an old soldier it 
will just fade away." 

Reagan hint of bndget 
compromise, Page 6 
Feature and Editorial 
Comment Page 19 


* 

Argentines expect strong 
pressure from Haig 


BY JIMMY BURNS IAND ANDREW WHITLEY IN BUENOS AIRES 


... CHIEF, PRICE CHAH6ES YESTERDAY 

(Prices in.pence nnless otherwise fladicated). 


RISES: 

Aherthaw Cement... 345 + 25 
Forward Technology 38 + 13 

Penilow 85 + 5 

Mctramar .21 + 5 

York Resources ... 30 + 4 

FALLS: 

Treat lSJpe 199S £1061“ 3 

ROC Int -. 161 - 5 

Reccham • - 224 — 7 

Blackwood. Hodge... 20 — . 4 
Cable & Wireless ... 238 — 6 
European Ferries ... 72 - 5 

UEC 792 - 14 

Grand. Met. . 200 t> . 

Hawker Siddeley 280 - 8 „ 


J. B. -Holdings .. 
Li I ley (F. J. C.) 
Lyle Shipping .. 

;MEPC 

Midland Bank .. 
NatWest Bank - 
Neil & Spencer 
Pearl Assurance 

Plessey 

Rowan & Boden 
Taylor Woodrow 

Thorn EMI 

Carless Capel - 

LASMO 

NCC 

Shell Transport 
F. S. Goduld ...... 


... 152 - ID 
... 160-6 
... 240 -:-20 
...202 -5 
... 306 -6 
... 406 - 9 
... 14 6 

... 384 - 14 
...,360 - 10 
... 21 -.3 
... 505 - 20 
... 420 -7- 10. 
... 163 - 7 
... 323 - 17 
... 63-7 
... 382 S 

... asi-i 


ARGENTINE officials are 
bracing themselves for strong 
political and- ‘ economic 
pressure from Mr Alexander 
Haig. U.S. Secretary of~State, 
during crucial talks due to start 
today aimed at preventing a 
war between the UK and 
Argentina over the Falkland 
Islands. 

Mr Haig,- who has been 
shuttling between Washington, 
London and Buenos Aires in 
his attempts to find a peace 
formula, viisted. Caracas yester- 
day for talks with Venezuelan 
officials on the crisis on. his 
way from. Washington to 
Buenos Aires. 

In London Mrs Margaret- 
Thatcher and senior Ministers 
had a 21-hour meeting with 
defence chiefs yesterday morn- 
ing at the control centre for 
the Falkland* operation, at the 
Ministry of Defence. 


Mrs Thatcher was given a 
detailed presentation of the pft;- 
gress ■oPithe naval task force 
en rorfte to the Falklands and 
on the general situation in the 
South Atlantic. 

There were further contacts 
between Washington and 
London, bft no direct communi- 
cation between Mr Haig and 
British Ministers. 

Downing Street maintained 
that the proposals Mr Haig was 
taking to Buenos Aires were 
essentially the same as those he 
discussed in London before he 
left on Tuesday. 

Despite Mr Haig’s stress on 
th:s*®ed for flexibility “ on both 
aides," the Government 
remained adamant yesterday 
that there could be no com- 
promise over UN Resolution 
502, which calls for withdrawal 
o£ Argentine troops from -the 
islands. 


However. Britain is now em- 
phasising. that it is acting as 
“ trustee " of the islands. 

This role was stressed by Mr 
Francis Pym, the Foreign Sec- 
retary, in a message to the 
Falkland Islanders last night. 

It appears to mark a shift in 
tone from earlier British in- 
sistence on restoring administra- 
tion to the islands. Britain has 
generally avoided reference to 
British “sovereignty." 

Mr Haig today will discuss 
with President Galtieri and 
Senor Costa Mendez the four or 
five “ new ideas ** he says he is 
bringing with him, against the 
background of conflicting re- 
ports over the military situation 
in the South Atlantic. 

A military spokesman yester- 
Continued on Back Page 
A jolt lo the City's 
status, Page 19 

Falklands package, Page 4 


Markets nervous over Falklands 


BY OUR FINANCIAL STVWT 

LONDON’S FINANCIAL and 
equity markets remained ner- 
vous about the possible -effects 
of the worsening Falklands 
Islands crisis. 

In the money markets, dis- 
count houses and banks con- 
tinued to sell Qonger-dated 
paper to protect themselves 
should ■ interest rates rise 
sharply. This action has been 
reflected in recent days by a 
fall in very short 1 rates as in- 
vestors put their money into 
Highly liquid assets. 

However, yesterday saw one 
of the biggest shortages for 
several weeks in the London 
money markets and despite 
assistance from the Bank of 
England, short term rates rose 
by up to I Of a ' percentage 
point- The seven day rate rose 
to 125 per cent and tile three 
month rate edged A of a point 
higher ot 13J per cent - Rates 
in hte Eurodollar market were 
also firmer amid worries over 
the political outlook; 

Dealers suggested- • there 





3-mtb EDBODOLLAR 
MTE a. 

15?S 

kr - 

143 

“ * A-. 

‘ ' 'A 

13H 

L STERLING v ; - 
7-day INTERBANK \ i 
RATE . 2 

12 % 

1982 1 

WATCH APRIL 


would be a sharp rise in interest 
rates if Britain declared war 
on Argentina and an equally 
sharp fall in the value of 
sterling. 

On the foreign exchange 
markets, the pound fell to 
51 .7520 at one stage yesterday, 
before recovering to close at 
$1.7620, a net gain of 35 points 
on. the day. Its trade weighted 


index, as measured by the Bank 
of England, fell 02 to 89.9. 

The dollar moved ahead 
against almost all currencies 
yesterday, helped by firmer U.S. 
interest rates and fears about 
this week's U.S. money supply 
figures. It rose from DM 2.4180 
to DM 2.4235 and from SwFr 
1.9625 lo SwFr 1.9750. Its trade 
weighted index rose 0.3 to 116.5. 

The London slockmarket also 
mirrored the .general unease, 
with equities and gilts declining. 
The Financial Times industrial 
ordinary index, reflecting the 
share price movements of 30 
blue chip companies, feU 9J5 
points to 544.8, after dropping 
9.8 points during the afternoon. 
Uncertainty in the Middle East 
and fears of a rise in short term 
UB. interest rates also affected 
sentiment. The index has fallen 
25.2 points since the British 
Governments derision to. send 
a naval tasa force to the Faik- 
lands. 

Money Markets, Uage 28 
Lex, Back Page 


CONTENTS 


U.S, agriculture: a bumper crop of 

troubles ; 18 

The Falklands crisis: a jolt to the City's 

status 19 

Commercial law: cases reported in 

Hilary term .• 10 

Management: -the psychological side- 
effects of promotion "" 


11 


Property column: Brussels -waits for 

recovery 14 

Editorial comment: U.S. economy; Civil 

Service IS 

Lombard: Geoffrey Owen .on misunder- 
standings about technology 19 

Technology: robots in W. Europe ... 33 
Survey: Ireland 29-32 


Amariean News ... 

Appointments 

Ait* 

Bonk Retain 

Base Rates 


Crossword 

Entertain. Guicto ... 

Euromarkets 

European Now* ... 
Europaan Options 

FT Actuaries 

Foreign Exchanges 


6 

Inti. Conipanita ». 

24-27 

5t»m Information 38. 39 

10 

Uftdar Pago 

IB 

Stock Markets: 


17 


10 


38 

23 

low 

M 

Wall Street 

34 

23 

Lombard 

18 

Bourses 

34 

35 

London Options ... 

21 

Technology 

33 

20-23 

Management 

11 

UK luewfc 


17 

Men ft Matters _. 

18 . 

Germ! ' 

8,9 

17 

Mining 

21 

Labour 

10 

24 

Money Merkels ... 

28 

TV and Radio 

10 

2.3 

Overseas News ... 

5 - 

Unit Tncsis: 


21 

Property 

14 

Authorised ...... 

28 

38 

Property AdvtH- — 

14-16 

. Others 

37 

2B 

Racine 

10 

. Weather 

40 


World Train - 7 

World Value S ..... - 3$ 

ANNUAL STATEMENTS 
Anglo Am. Inv. M1 Z2 

Ault and Wiborg ... 20 

J. Bibby 21 

Clsrdmdnfs Bank ... 23 

Spirax Servo 2Q 

Bljgdon N oak os ... 22 

OFFER FOR SALE 
East Anglian Water 22 


For latest Share Index phone 01-246 8026 


UK industry 
production 
up slightly 

By Max Wilkinson, 

Economics Correspondent 

INDUSTRIAL output in the UK 
recovered slightly in February 
from its fall during the winter 
months, but the underlying 
performance remains weak. 

Official figures out yesterday 
showed that the index of indus- 
trial production for February 
increased by 0.4 per cent from 
January, to 99.9 (1975 = 100). 
Tbe average level of production 
during the three months to 
February had fallen, however, 
by 1.2 per cent, compared to 
the average for the previous 
Lhree months. 

Most observers had been 
expecting a substantial bounce- 
back in industrial output in 
February after .poor figures for 
the previous three months 
(November to January), when 
production was disrupted by 
severe weather and strikes. 

The figures show that tbe 
extent of the February recovery 
was relatively modest, although 
output' in January now appears 
slightly higher than previously 
estimated. In February the index 
for ail industries was no higher 
than it had been a year earlier, 
and was 13 per cent below the 
peak reached in the spring of 
1979. 

Manufacturing output rose 
more strongly in February, by 
1.8 per cent compared to the 
previous month, to an index of 
90 (1975 = 100). However, the 
trend of rates of production in 
manufacturing industries during 
the past three months remains 
downwards. 

sharpest increase m 
February was in the metal 
manufacturing sector, where 
output increased by 6 per cent 
from a low level in December 
and January. Output in the 

Continued on Back Page 

Money supply better than 
thought. Page 8 

Money Markets. Page 28 
Lex, Back Page 


£ in New York 

April X4 I previous 


Spot 15 1 .7645-7660 S 1.7705-7720 
1 month 10.52-0,37 pm 10.33-0.38 pm 
3 montrta 0.78-0.B3 pm 10.78-0.83 pm 
13 month al2.45-2.55 pm I2.3U2.60 p m 


Nigeria oil 
rises after 
Opec pressure 



BY MICHAEL HOLMAN 

NIGERLVS oil production has 
risen to 950.000 barrels a day 
after a dramatic fall to about 

630.000 b/d at the end of last 
month, according to industry 
officials in London and La^os. 

Production on some days this 
month is said lo have topped 
lm barrels, but the officials fore- 
cast a daily average for April 
of 950.000. slightly up on the 

930.000 b/d March average, but 
barely half Ibc l.Sra b/d 
achieved in December and 
January. 

The increase is partly because 
of Opec pressure on buyers to 
purchase Nigeria's Bonny Light 
crude at $33.50 a barrel, while 
comparable North Sea oil costs 
$31. 

The forecast for April is well 
below the 1.3m b/d production 
quota for Nigeria agreed at the 
Opec meeting in Vienna last 
month. The recovery, however, 
is expected to ease the crisis 
which arose over Opcc's deter- 
mination to protect ils weakest 
member by ensuring that its oil 
was sold. 

Falling demand for Nigerian 
oil left President Shehu 
Shagari's government with a 
growing balance of payments 
deficit, forcing import cuts and 
a review of thecountrv's $125bn 
(£71bn) five-year development 


plan. Nigeria's prediejment is 
arnajor item on the agenda for 
the special Opcc meeting in 
Vienna next Wednesday. 

Nigerian officials remain con- 
cerned about their current lc\cl 
of production, but appear un- 
likely to ask Opec to cnfo*v»* 
earlier threats of reprisals 
against companies which have 
reduced liftings from Nigeria. 

President Shaqnri said last 
week, that unspecified com- 
panies which had Keen reluc- 
tant to buy Nigerian oil had 
ehany.cd llicir stand following 
Oofs- pressure. Toxien Over- 
seas (Nigeria! was reported 
this week vt> be willing inr-ir* 
tain its production nf ■W.Ofln 
b/d. “ in spite of the world oil 
situation." 

Officials in Lagos said Hint 
Opec would rt'*scu5S three issue* 
on Wednesday: whether any 
members are’ exceeding the 
quotas established las| month: 
whether there should be a 
further cut in Saudi Arabia’s 
output; and whether two major 
companies operating in Nigeria 
— Shell and Gulf — >;houfd he 
"blacklisied" for reducing their 
liftings. 

Dr Mana Sned Oteiba. presi- 
dent of Opec and Oil Minister 
Continued on Back Page 


Petrol price to rise 

BY MARTIN DICKSON, ENERGY CORRESPONDENT 


THE PUMP price of petrol is 
going up by 3p-4p a gallon in 
many towns this week as oil 
companies reduce their special 
subsidies to retailers in areas 
of fierce competition. 

The increase — which comes 
only three weeks after a 5p-a- 
gallon rise— is evidence that the 
intense price war waged by ihe 
oil companies throughout the 
winter has greatly abated. 

The companies insisted yester- 
day that the increase, taking 
the average urban pump price 
of a gallon of Four Star to 
about 16Sp, would do no more 
than reduce their losses on 
sales. There was speculation 
that further rises might be 
attempted if this week's in- 
crease stuck. 

The" upward movement was 
initiated by BP Oil. tbe third 
biggest wholesaler in the UK. 
which at the start of the week 
withdrew subsidies to dealers 
worth 3p4p a gallon, increasing 
pump prices by an equivalent 
amount. 

By last night, tooth Shell and 
Esso, the joint market leaders, 
had followed suit and Texaco, 
the fourth biggest dealer, said 
it expected to do the same. 

In a significant pointer to 


the waning of the price war. 
Shell and BP said the move 
meant they had each cow com- 
pletely phased out ''selective 
price support M — special sub- 
sidies given to individual 
dealers facing intense com- 
petition from other local 
garages. 

However, other companies 
indicated that they were still 
giving support to individual 
dealers, and Shell and Esso 
said they were continuing to 
give general subsidies to their 
sites. 

“If these were withdrawn, 
prices would have to rise again 
significantly." BP said. 

The increases are due in part 
to a substantial rise in the price 
of petrol on the Rotterdam spot 
market. Premium grade fuel 
has risen from S2S5-S29S a tonne 
in mid-March to S3I7-$325 as 
Europe approaches the »aain 
motoring months of the year. 

This exerts an upward in- 
fluence on ihe price refiners 
expect to obtain for their pro- 
duct in the UK and also makes 
if more expensive for small 
dealers to ship in perrol from 
Rotterdam lo undercut the large 
oil companies. 

German petrol price row. 

Page 25 




I 


PROPERTY 
MATTERS 


J',-. . > 


t,3 \. 





tjpview Debate 



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Financial Times Friday April 16 1982 


EUROPEAN NEWS' 




Rock-bottom fares fail to keep East Germans off the road 


BY LE5UE COUTT VI BERLIN 

Virtual free travel on the 
highly subsidised public trans- 
port in Europe's Communist 
countries has not prevented . 
the ownership and use ef pri- 
vate cars and motorcycles 
from soaring. 

An analysis of private 
vehicle ownership la East 
Germany by the West Berlin 
Institute of Economic 
Research (DIW) shows that, 
in I960, public transport . 
carried four and a half times 
the number of passengers as 
cars and motor-cycles. By 
1980, however, private 


vehicles carried almost as 
many passengers as public 
transport. 

Throughout this period, 
bus, tram and underground 
fares remained frozen at 
20 Pfennigs (about 5p), while 
the cost of .buying a car 
remained extremely high and 
the waiting period increased 
to at least 10 years. 

East Germany's smallest 
and most widely sold car the 
tiny two-cyclinder Trad ant, 
costs 8,000 Marks to 10,000 
Marks (fl^00-£2,350), the 
same as in I960, while a litre 


of petrol sells at a steady 
1.65 Marks (38p). The aver- 
age monthly wage in East 
Germany was . 800 Marks 
(£188) last year, according to 
DIW. 1 

The institute’s revealing 
Study of transport in the most 
advanced Communist country 
shows that the enormous In- 
crease in private cars and 
motor-cycles has been almost 
wholly spontaneous. The five- 
year plan and the annual 
plans in East Germany make 
no mention of private 
vehicles, although they now 


consume more energy than all 
publie transport in the 
country. 

The rapid growth of private 
car ownership from 17 cars 
per 1,009 population Iq I960, 
to 160 per 1,000 in 1980 — 
the highest in Eastern Europe 
— has confounded the coun- 
try’s ideologists and planners 
aljke.. . 

. Although -a master plan 
was drawn up’ to give priority . - 
to trams and bases in urban 
transport, almost nothing was ' 
done to improve the petrol 
consumption of East German 


Eanes aims to strengthen links with Angola 


BY DIANA SMITH IN LISBON 

THE PORTUGUESE leader. 
General Antonio Ramalho 
Eanes began a five-day official 
visit to Angola yesterday. He is 
the first Western head of state 
to do so, just as he was the only 
such to attend the funeral In 
Luanda of Dr Agostinho Neto. 
the late Angolan leader. This, 
according to Angolan diplomats 
in Lisbon has given him a 
special status in their eyes. 

He has taken a high-powered 
retinue with him: Portugal's 
Minister of Industry. Trade and 
Exports, one of the country's 
three " super-ministers”; six 
Secretaries of State; and a group 
of private businessmen who 
have either already established 
contacts in Portugal's former 


colony or hope to do so. 

President Gen. Eanes is 
known to believe that the time 
is ripe for active business links 
between Portugal and Angola. 
There are specific areas, where 
the war-ravaged African country 
direly needs technical and fin- 
ancial co-operation. These in- 
clude energy, fanning, small 
and medium Industry, food dis- 
tribution, Toad transport, and 
communications. 

In 1975, when the Angolan 
civil war was at its height an 
estimated 800,000 Portuguese 
settlers fled the country in the 
space of a few weeks, leaving it 
-almost bereft of infrastructure, 
tradesmen, large-scale fanners 
or managers. Now that the 


Cuban presence in Angola Is 
said to be less desirable to the 
ruling MPLA party, and the 
trauma of hasty decolonisation 
has abated, there are signs that 
Portuguese entrepreneurs are 
eager to' do business, and that 
the Angolans are ken for them 
to do so. 

President Eanes sees his visit 
as a way of underlining 
Portugal's strong desire to co- 
operate with Angola. While he 
Is there, he will visit dams and 
the $7 00m Petrangol refinery, 
which processes Angola’s native 
crude oil. 

There have been fears that 
South Africa might use the 
occasion of the presidential 
visit, and its lavish coverage in 


cars. The design of the highly 
air resistant Trabant and 
-Wartbnrg cars has remained 
unchanged for decades and, 
according to the DIW report, 
progress has been slow in 
reducing their .weight and in 
improving the carburettor 
and transmission 
In the unplanned rush to. 
obtain' private cars, East 
Germany has narrowed the 
- gap with West Germany in 
the ownership statistics. In 
1960. 3J2 per cent of all East 
German households owned a 
private car compared with 






the Portuguese Press, to make 
further incursions into southern 
Angola. This has been done 
regularly by South African or 
Pretoria-financed and armed 
forces of Unlta, the Angolan 
rebel movement, to try to 
eliminate bases of Swap© the 
Namibian nationalist movement. 

The 600,000 Portuguese living 
in South Africa make it neces- 
sary for* Portugal to keep a 
particularly delicate and same- 
times difficult balance between 
its need to protect the interests 
of those nationals, • its growing 
desire to build up a strong rela- 
tionship with Angola. 

President Eanes (right); a 
special status 



19.6 per cent in West 
Germany. By 1980, 37.4 per 
cent of East German house- .- 
holds owned a car compared 
with 67.5 per cent 2a West 
Germany. 

■The propensity of . East . 
Germans to save their earn- " 
ings for a car is- so high -that 
when the Soviet -Union last 
year told East Germany It 
would not he able .to deliver . 
a planned 50,009 Lada cars 
ajunnaHy, East Germany was 
forced' to import 10,000 cars ' 
from Japan, and to boost 
imports from Czechoslovakia 

■ vt * 


of the unpopular Skoda. The 
high price of can in East 
' Germany «— 24,000 7 Marks 
(£5,650) for a Mazda 323- 
serves to soak np income, 
which otherwise would create 
ah inflationary .preaail*.- 
The DEW- analysis concludes 
that East Germany and the 
other Communist countries 
have been unable to produce 
an alternative concept for 
public transport to that In the 
West Bock, bottom .fares 
have failed to halt the massive 
swing- towards - priyate 
vehicles. ' 


soars 


ill Spain in first quarter 


BY JANE MONAHAN IN MADRID 


FOREIGN INVESTMENT in 
Spain has increased sarply in 
the first quarter of this year, 
and yesterday two more foreign 
banks — the state-owned Banco 
Real do Brass and Banco Nado 
Real do Brasil and Banco 
Nacional- de Argentina — were 
authorised Jm open full banking 
operations. . 

There was a 167 per cent rise 
in the number of foreign Invest- 
ment authorisations between 
January and March and a 94 
per cent increase in their value, 
compared with the same period 
of 1981, according to the 
Ministry of . Commerce. Total 
foreign investment amounted -to 
Pta 2S.8bh (£152m) against 
Pta l<LSbn (£7 8m) in the first 
three months of last year. The 


bulk, as in the past three years, 
went to the automotive, mining, 
mineral and chemical' mdustn.es, 
hotels and tourism, electronics 
and the food industries. Last 
month-alone, there was Pta I3bn 
(£6Sm) of foreign, investment — 
almost half the total for the 
period. 

The Ministry says this year’s 
increase is all the more signifi- 
cant as in the first three months 
o£ 1981 • the level of foreign 
investment was high chiefly 
because of Barclays Bank’s 
Pta 5.5bn purchase of Banco de 
Valladolid. . 

Jfeanwbile, with the establish- 
ment of the two Latin American 
banks, 31 foreign banks have 
been admitted since 1978. 


protest 
in Warsaw 

By Christopher Boblwkl . 

In Waraw 

HUNDREDS OF Warsaw UnJver. 

. sdly students have signed a peti- : 
Gem , . protesting, against last 
week's sacking of their rector 
Professor Henryk SamawKwicz.’ 
Some 14 of the 18 ttepaitmental' 
! deans have also signed the 
.petition^ - ; ‘ 

There seemed to be Jittie 
support:, 'however: ;£or a is- 
minute protest stoppage at soon 
yesterday. 

The extent of the protest 
campaign . will- show the 

authorities how much resistance 
they can expect if- they mount 
an offensive against the 
academic world. Such a more 
would cut off General Wojciech 
Jarulzelrid's regime from any 
future agreement with intellect 
tusils and push him further into- 
the arms of the hardliners. 
The dismissal of Prof Sam- 
sonowicz flouts the principle of 
university autonomy conceded 
bv the Government last year 
and opens the way to purges 
among students and staff. 

Warsaw University is one o[ 
the coun try’s largest institutions 
of higher education and >t is 
seen—'along with the Polytech- 
nic here and Cracow University 
which still., retain their elected 
rectors — as a sign of the 
authorities’ intentions. 

- Despite the calm at the 
university at noon yesterday, 
students in the History Depart- 
ment broke off from lecture; 
and clustered around signing 
the protest ^petition. 



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DENMARK’S DEVALUATION 

Pressure for 
further EMS 


BY HILARY BARNES IN COPOIHAGEN 


DENMARK ASKED its partners 
in. the European Monetary 
System for a 7 per .cent 
devaluation in February, bat was 
allowed to devalue by only 3 per 
cent. This has inevitably, caused 
the markets to wonder when Che 
Government will go for. the 
remaining 4 per cent. ‘ . ' The- ' 
Government's current position, 
however, was summed tip by 
Prime Minister Anker Joergen- 
sen: “We shall wait until the 
summer is over and see how 
things are." . 

" Meanwhile, Che business sec- 
tor continues to run down its 
foreign exchange ... holdings. 
Another DKr. l-9bn (£18(hn) 
left the country in March,’ the 
fourth month in succession, to 
see a substantial outflow of 
currency from the private sec- 
tor. Public sector borrowings 
have kept the reserves at a 
steady level, hut the central bank 
has warned several tunes in 
recent months that interest 
rats will, have to rise unless 
private sector capital inflows 
started to increase again. . 

With average hmgtenn • in- 
terest rates at about" 21 per 
cent, an unemployment level o’f 
10 per cent and business and 
housing investment seriously 
depressed, a rise in interest 
rates would be as welcome .as a 
side headache. 

- The Government does not, 
however, seem unduly upset by 
its failure to get the 7 per cent 
devaluation it Wanted. It* was 
caught unprepared . by . the 
Belgian Government's'.- request 
for a devaluation and hurriedly 
decided to'go for an adjustment . 
of the krone’s value while the 
opportunity was there! But the 
actual percentage was not 
crucial. The Government pre- 
fers hot to have to ask "for iso- 
lated Danish adjustments, and. 
it is particularly, anxious to 
avoid having to ask for an ad- - 
justment during the. Danish •• 
presidency .of the EEC in tlje 
second, half of this year. 

Nor has the Government’s ex- , 
perience of being denied its re- 
quested' devaluation rate . 
brought disflljasloir with the 
EMS. to which the Danes attach, 
great Importance. The European - 
Monetary System brings / a wel- 
come degree, of stability to ex- , 
change rate relations 'with 
some of Denmark's most . im- 
portant trading partners. Since, 
the EMS provides the Danish . ' 
central bank with virtually' 
limitless -access to short-term 
credits, there is plenty of -am- 
munition available to fend off . 
speculators. 

February’s 1 events ate- seen- . 
however, as reflecting!!* change* 
in the attitude to adjustments . 
in the exchange rate.-espectally 
on the part of West Germany. 
The failure to obtain the T per 
cent devalimtkra in ..Ffehroary 
probably "Jutd ns muchto-do 
with the complications caused 
by the continuing ..negotiations 
for a new Common Agricultural 
Policy price agreement and 
France's oppositinar-as. With the 
apparent desire of the Germans 
to "emphasise the toajwrtarice of 
a stable exchange rote but there 
was, as a Danish official said, a 
certain tightening op in German 
attitudes. Eadrer in the history 
of fhe EMS West .Germany 
seemed. to approve adjustments' 
coming "sooner rattier than ialer, 
but it now wants: 'to. see evid- 
ence of damage before adjust- 
ments take place. . 

Denmark’s inflation - and 
balance- of ‘payments problems . 
herald ’ continuing, „ currency - 




• T ■ 


■ -• /'-pi#- V *• ■» V '. -■ : ■ 



Mr Joergensen: K .We tiutt’ . 
wait and see” : ’■ 

weakness. Indeed Government ‘ 
medium-term economic policy - 
explicitly recognises., the possv 
"brHty of successive- adjustments' " 
of the krone .exchange rate. He 
Government 7 is committed to - 
hnnroving Denmark’s, inter- 
national competitiveness, by 2 or 
3 per cent .a, year. . ..While.it is 
hoped, to batog this about by 
wage restraint, devaluation will 
be used where wage raaratat 
fails. . .' _• 

This year wages are' expected • 
to increase ’J>y - around '12 per 
cent, which is rather faster than 
in most partner countries, Feb- 
ruary’s 8 per cent devaluation 
alone : would rmt- seem -to. be 
enough "lo. ,brfng; aboiit ,tbe 
desired ^ improvement, .'in .. 

country’s competitiveness. Die 
current prospects ' are ' for .a ; 
.further - deterioration ! iff com-; 
petitiveness in ; ; l988>i aoaffding 
to the o fflCiaf e<x)noade"survey- 

pu Wished receWJy. ,. /fv- - 

A package ;pf rnajos!’ -econo^c 
policy measures pffanaed . 

minority • Social ’ Democratic 
.goverMnent; tor June siwido 
change .-the country's econosme 
. outlook.' n .tire Government does 
not get its way it will, resign . 
but Mr Joergfensen, ;W» - n« ' 
joecessarily caB an eleriios; w 
may choose instead to 
Right-centred Opp.osaiion parties 
form a govemnent- ' y\. 

There are . three measures: 
being prepared by the Govern- - 
ment. First Us a.^schenio. ro ._ . 
con&at.youto imefljpioymehj^ 
ru.imjnir at about 16 per cenfrr. 
in which .the under^Ss wnl, w 
offered either a joh. or trainw& 
Ihe second' group' of measure? 
will be designed to help.. 
culture out :af" 2&'^#Miiog-: 
crisis^ though the: present uwb . . 
cations are that Ihe'.JhdP ...Y*? : 
be in fonias which- v^l- be tot ■ \ 
acceptable to/tiie fanxn»s..j.j, j 
. Third, tha ; guyemineot 
have tp raise' taxes to ' 

these measures; with the. stw- 
sidiary but impditant 
of rcstratoing .the’ grow® ^ 
private consumption, w£>c- 
enpected to incrcase by.aP 0 ^ 
yec cent InTeatterma -- 

and by 3 per. caut or 

1983. • .-..I- £ 

FIWANCiAt, TIMES/-- OubttWiwd- 
«e«pt Sunday* hcOkliya. 
aubncnpihm atw .S3SS.0P pax 
Unooha OIsm .'poawe* two * 

Yoili.* -M.YJ «id *t.,*rfdrtU*Ja 

. ... 




■ - - 


i 






& 


‘ " 1 f ,, 


..^ financial Times Friday April 16 19S2 


**5 f “ 

-lost ' I 


EUROPEAN NEWS 


”. a ^ \ 


lor 

* *J£ 


: % f 



Romania CONSUMER prices RISE 1 . 1 - 1 . 2 % in march 

debt accord French inflation rate gat] 

moves a ar DAVID HOUSEGO IN PARIS 


U.S. Ambassador Mr Arthur Barns (left) and West German Foreign Minister Herr ftaag 
Dietrich Genscher sign a new military treaty 

Genscher hacks Nato’s 
flexible response policy 


BY BUCHAN M BONN 

•t HERR Hans Dietrich Genscher. 

< West Germany's Foreign Min- ■ 
1 (star, yesterday weighed into the 
, debate over whether Nato 
; should renounce first use of 
miclear weapons with, a strong 
• endorsement of the alliance's 
present retaliation policy. 

! Herr Genscher was speaking 
at the signing of a U.S.-West 
v German, military treaty provid- 
. ing Jot German support of the 
U.S. military units whdoh. would 
be brought in at a time of crisis 
: or war. 

Hera- Genscfaer took the oppor- 
tunity to repeat West Germany’s 
support for flexible response. 
This aims at deterring aggres- . 
" sion by leaving open the level 
1 of retaliation. Na-to would select 
but includes the possibility of 
a Nato first nawnwr strike' He 
said flexible response was a! 
proved means of securing deter- 
rence against superior Warsaw 
Pact conventional forces. 

The debate over the renuncia- 
tion «f first use of midear 
weapons, first proposed by the • 
Soviet Union, started again 


earlier this month when four 
former U.S. senior officials pro- 
posed rename iationi in. an article 
in Foreign Affairs magazine. 

Their arguments, which 
included a shift to stronger Nato 
conventional forces, were 
immediately rejected by Mr 
Alexander Haig, the U.S. Secre- 
tary of State. 

Herr Genscher referred to Mr 
Haig’s comments as an “impres- 
sive reaffirmation" of the basic 
security concept of the alliance. 

"If deterrence is to be reli- 
able. it must take into account 
the conventional superiority of 
the other .side." 

The advantage of flexible 
response was that it could "pre- 
clude aggression at any level. ” 

Other West German officials 
and politicians have opposed the 
first strike proposals on a 
number of grounds — that 
Berlin is indefensible without 
■nuclear weapons, that a pro- 
tracted conventional war would 
destroy Germany anayway, and 
that a build-up of conventional 
forces would, entail- expenditure 


the West German economy could 
not afford. 

The Government is at pre- 
sent committed to accepting 
a new generation of U.S. 
nuclear missiles from next year 
should current U.S .-Soviet nego- 
tiations fail and despite bitter 
opposition to the missiles. 

The new U.S.-West German 
agreement, known as Host 
Nation Support, provides for 
the call-up of 90.000 West Ger- 
man reservists to support the 
six extra U.S. divisions which 
would be flown to West 
Germany in time of war to re- 
inforce the strength of four 
U.S. divisions. 

The West Germans would 
undertake a range of logistical 
and support services, thus free- 
ing U.S- resources for front 
line duty- The programme, . 
which runs until 1987 and is to 
be staffed in peacetime by 
about 1.200 West German 
troops and 600 civilians, is ex- 
pected to cost more than. 
DM L2bn (£279m) share equally 
between the two countries. 


step nearer 

By David Buchan 

THE PROSPECT of financially- 
beleaguered Romania reaching i 
agreement with its Western 
creditors to reschedule repay- 
ments of nearly $3 bn worth of 
its 1981-83 foreign debt is 
expected to move a stage nearer 
■in key talks next week in New 
York. 

An informal steering group 
of nine Western banks had 
already agreed to meet on April 
19-20 to continue work on an 
u information, package ” about 
Romania's financial problems 
and prospects, for eventual 
presentation to a wider circle 
of more than^OO creditor banks 
in the West- But reports yes- 
terday that Mr Iulian Bituleanu. 
the Romanian Deputy Finance 
Minister, will also attend the 
New York meeting, suggest the 
crucial information package 
may be finalised in the next 
few days. 

The International Monetary 
Fund, of which Romania is the 
sole member among Comecon 
countries, is playing a key role 

in prodding the traditionally 
secretive country to release the 
detailed information demanded 

Six months ago the IMF 
halted a further $750m pay- 
ment of a standby credit to 

Romania after it broke one of 
the credit's conditions by fall- 
ing into arrears on payments to 
foreign, banks. 

Romania and the nine-bank 
steering group are discussing a 
plan for Bucharest to repay 
80 per cent of its $500m arrears 
from 1981 and of its $2.4bn 
principal repayments due this 
year over a period of six and a 
half years. 

One sensitive point, however, 
is that the steering group, which 
includes some of Romania's 
biggest creditors and the only 
two Western banks (Manufac- 
turers Hanover and Societe 
General) to have offices in 
Bucharest, has, as yet, no man- 
date to negotiate for other 
creditors. . 


BT DAVID HOUSEGO IN PARIS 

THE FRENCH inflation rate 
picked up momentum in March, 
after slowing down in recent 
months. According to figures 
from Inse, the official statistics 
institute, consumer prices rose 
by 1. 1-1.2 per cent in March 
against 1 per. cent in January 
and February. 0.6 per cent in 
December and 0.9 per cent m 
November. 

Tbe higher inflation rate risks 
added to the pressure on the 
franc, though the Bank of 
France yesterday took the bold 
step of marginally lowering the 
day-to-day money market rate to 
16J per cent from 17 per cent. It 
was the second time she rate 
has been brought down since 
being sharply raised in late 
March from 14} to 18 per cent in 
defence of the franc. 

In contrast to France, the _ 
latest OECD figures show that 
the inflation rate is falling c 
rapidly in most other indus- t 
trialised countries. Consumer 
prices rose by only 0.3 per cent c 
in West Germany in February I 
(5.9 per cent in the 12 months ] 
to February) , 0.3 per cent in the a 
U.S. (7.7 per cent over the 12- t 
month period) and were stable z 
in Britain (11 per cent). For g 
France, the OECD reports a rise t 


Protest march at Renault 


SEVERAL HUNDRED Strik- 
ing workers marched through 
Renault's assembly plant at 
Fliiis yesterday a s unions 
pressed their demands for 
higher pay and expanded 
benefits, AP-DJ reports from 
Paris. No incidents were 
reported, however, daring this 
latest outbreak of labour 
unrest at the factory, which 
has virtually crippled produc- 
tion of tbe Renault 5 and 
Renault 9 models. 

Union spokesmen said be- 
tween 60 and 1,000 workers 
managed to enter tbe plant 
and called on . fellow em- 
ployees to join the strike that 


of 14 per cent in the 12 months 
to February. 

The Government is playing 
down the significance of the 
March increase which (has been 
largely anticipated because of 
a 10 per cent increase in elec- 
tricity prices during the month 
and a 7 per cent increase for 
gas. Public utilities have been 
told to limit their price 


began last Friday. 

Renault and union repre- 
sentatives were due to resume 
negotiations yesterday after- 
noon after talks were broken 
off on Tuesday. The new 
bargaining session was 
arranged after (be manage- 
ment agreed to end a lock-out 
of 6,900 employees, who had 
been laid off since Saturday. 

Renault announced tbe lay- 
offs after about 2,000 assem- 
bly line workers walked off 
lheir jobs Iasi Friday in 
protest at a new job classifica- 
tion system that imposed 
restrictions on their pay 
scales. 


increases as part of ,lhc Govern- 
ment's campaign lo hold down 
inflation. 

The bad news over prices 
conies in the wake of other 
discouraging trends in the 
economy. Jnsee and the Bank 
of France have recently 
reported a slowing down in 
industrial activity in the early 
months of the year and that 


Former minister 


industry' foresees a continuing 
fall in private investment. 

M Pierre Mnuroy. the Prime 
Minister, is lo meet industrial 
leaders today when he is 
expected to announce a lighten- 
ing of industry's tax burden in. 
an attempt to revive investment. 
Throughout tins week ihc lias 
been receiving union leaders 
to explain the concessions io 
employers and win their active 

co-operation. 

Other difficulties facing Hie 
Government are the expanding 
budget and trade deficits. 

T!ie new lniljtiun figures 
inevitably throw mtu doubt the 
Government's chances jf achiev- 
ing Us target of .1 6.3 per cent 
increase in inflation fn.-the fir/ r 
six nionlta of ilte year. 

Tlik goal dtd not allow for 
l he sharp rise in the dollar 
which lias pushed up import 
prices. It t.i also unclear 
whether industry will seek 
larecr price increases to offset 
rises in costs as a result cf 
new welfare measures such as 
die starter working week. 

One arm of the Cc-veni meat’s 
anii-irHaticn canr.ai,*n aKn 
came io an end yesterday when 
tlte Three months.' truce on 
prices winch lias hern in effect 
in certain Tea tail Mores expired. 


■ 7 m 


BY DAVID WHITE IN PARIS 

THE DEATH was reported yes- 
terday of H Louis de 
Guiriugaud (71). French 
Foreign Minister from 1976 
until his retirement in 1978. 
Police said they were treating 
the case as suicide. A hunting 
rifle was found by tbe body. 

The second of three foreign 
ministers to serve under 
President Giscard d’Estaing. 
M de Guiringaud had earlier 
been given the job of organis- 
ing preparations for the North- 
South dialogue. 

His career as. minister, where 
be had to operate in the 
shadow of a head of state who 


regarded foreign policy' as his 
own domain, was marked by a 
series of incidents which gave 
him a reputation for 
impulsiveness. 

This included a tumultuous 
visit to Tanzania, where he was 
greeted with anti-French 
banners and left the country 
immediately, and. at the end 
of his term of office, an out- 
burst against the Christian 
militias in Lebanon whose 
cause until then had received 
widespread favour in France. - 

These *' affaires." together 
with a rather military bearing 
and clipped speech retained 


from his wartime role as 
captain in a Moroccan cavalry 
regiment, ^oiub-'.icd to create a 
public image that tended io 
obscure his qualities ol intel- 
ligence and 1 strongly felt 
convictions. 

His diplomatic career spread 
over 40 years. After the war. 






during which he took part in ,• 

the Resistance before leaving v'. ; : •. ; 

for Algiers and joining the p • : l .\ * j gg fl 
"Free French forces, ; his " first 

nner was in tlip »mh»uv in • 


for Algiers and joining the p ' .V'-IV,? 

"Free French forces, ; his r first 
post was in the embassy in ' \ '• 

London. His subsequent posts 'ItCw-?: 
included Ghana, .Algeria.' 

Janan and United Nations. ' .. 



Italian PM seeks compromise on 
pay issue that threatens coalition 




dwi 



BY RUPERT CORNWELL IN ROME 


AN’ EMERGENCY meeting- of 
Italian experts and government 
ministers was under way last 
aaglrt in an attempt to find a 
compromise over severance pay 
reform, an issue which has 
become a grave political and 
economic threat to the fragile 
coafition of Sig Giovanni 
Spado Jin i. 

The talks follow itbe previous 
failure of the five coalition par- 
ties to agree among themselves 
on -the draft law presented to 
Parliament. It must be approved 
within a month If a potentially 
devastating referendum on the 
issue Is to be avoided. 

Such a referendum, which 
would be held an June 13, has 
been promoted by Democrazia 
Rroletaria, the tiny far-Left 
political party. Is the likely 
event of ft approving the law. 
industry could face a bill for 
'as much as L25,000bn (IlO.Tbn), 


or about 10 per cent extra on 
labour costs. 

Severance pay. equivalent to 
around one month’s salary for 
every year worked, is standard 
for all Italian employees. But. 
since 1977, it has been based 
only on a basic salary, exclud- 
ing increases under the Scqla 
Mobile wage indexation mech- 
anism. It is this provision 
which the referendum seeks to 
revoke. The consequence would 
be lump-sum backdated pay- 
ments, covering up to five years, 
by industry workers who had 
retired in the intervening 
period. . . 

For the country's hard-pressed 
companies, the results would be 
devastating, and jeopardise not 
only the key wage contract nego- 
tiations due in 1982, but also the 
survival of the Scaia Mobile 
system itself. Such moves in 
turn would almost certainly lead 
to a head-on confrontation with 


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the trade unions. 

On the face of it, the omens 
last night were reasonable that 

■ a compromise might be reached, 
although concessions will have 
to . be made to the powerful 
Communist opposition if St is to 

■ allow the provision to proceed 
through Parliament in the short 
time available. 

However, all calculations are 
complicated by the fact that one 
other way of preventing the 
referendum does exist: a disso- 
lution of Parliament and an 
early general election. • This 
outcome would be favoured by 
the Socialist and Social Demo- 
crat components of tbe coalition. 

Sig Spadolini himself has 
come up with a replacement , 
proposal whereby the back- 
dated benefit would be phased 
in over a three-year period, but 
the total amount woudl be only 
partially protected from infla- 
tion. 

Netherlands 

unemployed 

increase 

The Dutch unemployment rate 
took another upward leap last 
mouth, rising to II per cent of 
the workforce in March. AP 
reports from The Hague. Accord- 
ing to seasonally adjusted 
figures, the number out of work 
rose by 17,800 to a post-war peak 
of 482,000, a ministry spokesman 
said. The figures do not indude 
the estimated 600,000 people 
receiving disability payments 
from the state and not holding 
jobs. 

West German sales 

West German retail sales were 
a provisional 6 per cent down in 
volume in February from the 
same month in 1981. following 
year-on-year falls of 7 per cent 
in January and 1 per cent in 
December, Reuter reports from 
Wiesbaden. Largest falls were 
recored in coal and mineral oil 
products (down a real 13 per 
cent) and pharmaceutical and 
cosmetic goods (down 9 per 
cent). 

Madrid officer freed 

Soain’s Supreme Council of 
Military Justice yesterday gave 
provisional liberty to Capt 
Francisco Ignacio Roman, a 
Guardia Civil officer and one of 
the 32 faring court martial on 
rebellion charges following the 
coup attempt of February 23, 
1981. AP reports from Madrid. 
He has already served two-thirds 
of the 18-month prison terms 
the prosecution is seeking 

Police chief jailed . 

A Belgian court has convicted 
Mr Leon Francois, the fanner 
I commander of (he police ami- 
drug squad, of drug trafficking 
and deception, Reuter reports 
.from Brussels. The judgment 
ends a sensational case which 
has focused public attention on 
police 'methods in combating 
Belgium’s growing narcotics 
trade. I 


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Art H'v^y • m* I * 


THE FALKLANDS CRISIS 


BlnaTtdal Times ^iSay : April 18 1982 7 


Defence Ministry 
doubts challenge 
to blockade 


Menendez : Chile watches with apprehension as fleet advances, Msuy Helen Spooner reports; 


‘ready to 
repel any 
aggression 


Pinochet fears new threat to Beagle Channel 


BT BRIDGET BLOOM, DEFENCE CORRESPONDENT 


THE MINISTRY of Defence 
says there are signs that Argen- 
tine warships may put to sea 
but it doubts the vessels will 
challenge Britain's 200<mile 
blockade around the Falkland 
Islands. 


The blockade, termed a mari- 
time exclusion zone (MEZ), was 
established at 0400 GMT on 
Monday and the Ministry said 
categorically yesterday that “ no 
major Argentine warship or 
naral auxiliary" had entered 
the zone since then. 


Reports indicated that the 
“vast majority” of the Argen- 
tine Navy had been in ports on 
the mainland since Monday, a 
Minis try official said. 

If “some elements” of the 
Argentine fleet were to leave 
harbour, as reports suggested, 
“we do not believe they would 
risk breaking the MEZ” even 
though they might skirt It for 
propaganda to boost Argentine 
morale. 


The official said he had so 
authoritative reports that two 
90 feet patrol craft had pene- 
trated the zone and had docked 
at Fort Stanley, the Falklands 
capital, as' Argentina had 
claimed. He said that such re- 
ports, including those that spoke 
of the reinforcement of the 
islands by 9,000 Argentine 
troops, should be treated with 
“caution, and even cynicism.” 
However he accepted that the 
term “major warship" would not 
apply to a patrol craft 


Suggestions that one of the 
two aircraft carriers with 
Britain's naval task force was 
suffering from engine defects 
has again been denied by the 
Ministry. 


Lord Wigg, the Labour peer, 
had suggested that HMS Hermes 
had lost speed and slowed down 
due to engine trouble. However, 
Admiral Sir Henry Leach, the 
First Sea Lord, has said the ship 
is "fully operational and has 
no limitations on her speed or 
any impediments in her full 
operating capability.” 

The British task force, as 
officially announced, comprises 
16 major warships and a dozen 
royal fleet auxiliary support and 
supply vessels. A further 23 
merchant ships have been requi- 
sitioned or chartered. 


Hairier fighters, 40 to 50 heli- 
copters, eight landing craft and 
light tracked and heavy wheeled 
vehicles of various sorts. Exact 
numbers of the several thousand 
men on board have not been 
confirmed. Neither has the 
reported presence; in support of 
the 200-mile blockade of the 
Falklands, of up to four Swift* 
sure class 4,000 ton mid-ear* 
powered submarines. 

Mrs Thatcher, the Prime 
Minister, announced yesterday 
that Nimrod r wv>inuiigaiy<i air- 
craft were being used from 
Ascension Island, which was 
being reinforced with men and 
equipment 

The force's flag efiup is named 
as the 24,000 ton. aircraft carrier 
HMS Hermes. HMS Invincible, 
which has been sold to Australia 
for delivery next year is the 
other carrier an the force. 

Other Royal Navy warships: 
two assault ships, two County 
class destroyers three Type 42 
destroyers, two type 22 frigates, 
two Type 22 frigates, three Type 
21 frigates, two Type 12 frigates. 

The Royal Fleet auxilaries: 
five of Britain's six logistic 
landing ships, five RFA tankers 
of between 18,000-40,000 tens, a 
fleet replenishment and a stores 
support ship. 

Merchant ships requisitioned 
or chartered: the liner Canberra 
(troop ship), Uganda (hospital 
ship), container Ships Elk and 
Atlantic Conveyor (for carrying 
armoured vehicles and extra 
fighter aircraf t ), nine off com- 
pany tankers, four trawlers 
(probably for mftzesweeping}, a 
North Sea supply Ship, three 
tugs and two other supply 


By Jimmy Bums Hi Buenos Aim 

ARGENTINA'S desire to re* 
main on the Falkland Islands 
Was underlined yesterday by 
Gen Mario Benjamin Meodn- 
dez, the new military Gov- 
ernor. in his first foil 
Interview* since taking office. 
Gen Men4ndez told the Argen- 
tine news agency DIN, that 
"they (Britain) are not going 
to get ns ont of here." 


He said that the 9,000-odd 
troops on the islands “were 
ready and tolly trained to 
repel any aggression." 

General Menendez, who was 
formally installed as Governor 
last Wednesday, admitted 
teat tee Islanders would find- 
find it very difficult to adapt 
to the Argentine way of life, 
but emphasised that the pri- 
ority of Ms administration was 
tee eventual incorporation of 
the island into the Argentine 
political and economic sys- 
tem. 


Gen Mendndqs said that 
changes os tee island would 
take place in a transitional 
phase under military gov- 
ernorship bat that the local 
administration would eventu- 
ally pass to civilian hands, 
although “it was too early to 
talk of a definite timetable." 


Gen Menendez* statements 
were made against the back- 
ground of a visit to tee island 
by a top economic team led 
by Sr Manuel' Solaset, the 
Argentine Secretary for 
Finance. 


AS THE British fleet neared 
the Falkland Islands this week, 
no country was watching with 
greater anpreheoaon. than 
Chile. 

Gen Auguste Pinochet's mili- 
tary Government h% denied 
reports that Chile wwdd lend 
port facilities or other assis- 
tance to tee fleet and has 
sought to maintain a neutral 
Stance in the conflict 

Chile faces potential threats 
to its interests in the event of 
two possible endings to crisis. 
H Argentina is not sufficiently 
discouraged from its occupa- 
tion of tee FaHdaads, tee 
Galtieri regime might next 
attempt tos eize tee three islets 
claimed by both countries in 
tee Beagle Channel. Yet the 
Chileans also fear teat if 
Argentina is forced to withdraw 
in too hrmffiati ng a manner, tee 
subsequent wave of nationalistic 
indignation could also encour- 
age Argentina to make a grab 
for tee disputed islands. 

Last week Sr Sergio Onofre 
Jarpa, Chile's Ambassador to 
Buenos Aires, said this country 
had supported Argentina’s 
historic claim to tee Falklands 
in international forums. 

The Argentines are thought 
to have assured the Chileans 
that their Falkland invasion 
was in no way directed against 
Chile. 

Nevertheless, the Falklands 


r.‘£R$ 


•£ "C, 


of tee country^;. naval officers 
spoke better Banish tee he did.. 

The QtiZean Press has been 
highly critical of fee Argentine 
.seizure of fee .FWHands, in 
some rases calling.' fee. move %. 
violation of international 1 aw 
and recaBtag Argentina’s reject 
jtfon of a 1977 British arbitra- 
tion of the beagle Channel d itb 
pule awarding the islands to 
Chile. ... ... . 


8? 


Argentine soldiers at lunch on Port Stanley docks. 


crisis invariably touches tee 
longstanding territorial tensions 
between the two countries. ■ A 
diplomat in Santiago put it tins 
way: Many Chilean officials, be 
said, would like nothing better 
than to see fee Argentines get 
a “bloody nose” at tee hands 
of the British navy. 

“ There is some smirking 
behind this neutral stance,” he 
said. Not surprisingly, the 
Argentines suspect the Chileans 
of pro-British sympathy.. 

If there are pro-British cur- 
rents in Santiago these days, 
they are as much cultural as 


political. The have 

sometimes been referred to 
as “ tee English of South 
America.”- The country is ateo 
said to have a British, navy, an 
American air foree, a Prussian 
army and an Italian police 
force. The Anglo-Chilean com- 
munity maintains a school and 
a country club in Santiago, end 
a disproportionate number of 
British descended Chileans are 
to be found to tee ranks of the 
country’s paval officers. An 
American resident in Santiago, 
familiar with the Chilean navy, 
recently commented teat man y 


Equally, however,- there 
appeais to be little motive' lot 
Chile to take sides m the Falk- 
land Islands crisis, barring- an 
overt Argentine ■ attack on' 
Chilean, territory. Any military 
engagement would be costly 
ahfi the Pinochet regime has 
sought above all to maintain its 
.economic success^ attained be- 
fore the recessionary downturn 
made itself- felt- in-, mid-1981. 
Even -a mobilisation of troops 
would cost millions of dollars, 
according to one military offi- 
cial 

. Meanwhile, President Gregorio 
Alvares of Uruguay, who is in 
Santiago for a four-day official 
visit also maintained a bland 
public position on the crisis. 

At a Press conference yester- 
day, he declined direct comment 
on tee Falklands crisis and, to 
response to a question, said he 
would make no statement on 
Uruguay's potential reaction to 
an outbreak of open warfare 


^ N. 

... <£' 


Gen. Pinochet 


between Britain aotTArgsaitiaa 
in the South Atlantic. 

Chile and Uruguay sighed a , 
joint statement on Wednesday, 
condemning terrorism to Latin ' 
America and . expressing their 
governments' . concern for the j 
“Increase to international ten- ' 
sions." . 


In a speech at the . si g nin g 
ceremony, Gen Pinochet, said 
Chile rejected tee use of force 
to resolve disputes among 
nations, an apparently critical 
reference to Argentina’s inva- 
sion of the Falklands* •_ 


British wool industry most affected by ban on trade 


BY 6EUNOA NENK 


• RAF Nimrod maritime 
reconnaissance jets arrived at 
the airfield on Ascension Island 
at the weekend, it Is under- 
stood. 


The visit the first working 
trip by civilian members of ; 
the Argentine government 
since the military occupation . 
of tee Islands, on April 2,. 
focussed on plans to turn tee 
Falkland Islands into a free 
port rone. 

Sate a measure would give- 
tee islanders similar 
privileges to those enjoyed by 
Argentines living in UOhnaia 
to Tierra del Foego on tee 
mainland. 


The force and its support 
ships will be carrying up to 40 


It is likely that at least two 
squadrons of these long- 
endurance sophisticated aircraft 
based on a civilian Comet jet- 
liner airframe, would be .needed 
to maintain the sore of surveff- 
lance the navy requires. 

The distances involved would 
mean a large number of aircraft 
would bp required to keep one 
continually on station over the 
300 mile MEZ. 


These indude e x e m ptio ns 
from, income tax and value 
added ■ tax . and generous., 
expert incentives. The 
economic tram ' also con- 
sidered ways of unifying the : 
local ' currency. Since the 
military occupation of the 
islands, the local population 
.and the troops have been 
ufiing- Falkland pounds, ster- 
ling and tee Argentine peso 
in commercial transactions 
without a deafr exchange rate 
being established. 


THE UK WOOL Iindustry is 
emerging as the major loser 
through the ban on trade with - 
Argentina, according to a direc- 
tor of Kassapian (Combers), the 
Bradford wool merchants. 

In 1980, textile fibres worth 
almost £10m entered the UK 
from Argen tina. The wool indus- 
try, mainly centered in the 
north around the city of Brad- 
ford, is increasingly anxious 
teat the ban should end as 
soon as possible. 

. Kassapian has a turnover of 
about £3m a year, of which about 
£lm is trade on Argentinian 
wools. - 


her onwards. But people do not 
book business only on a proviso 
that they may get it. 


Mr Tony Kassapian, a director 
of the company started by his 
family in 2888; said he has bad 
to turn, away “ a worrying 
amount of business” since the 
ban was announced. ' 

“We have had inquiries for 
delivery in May or June, and. 
we are taking a risk and offer- 
ing people dates from Septezn- 


“ Some people in this business 
have been saying that the ban 
has come at the end of the 
season, but it is stWl significant 
There are certain specialist 
wools that are available only to 
Argentina. It will put a strain 
on the -specialist mills.” 

The meat sector has .also 
been hit although the overall 
fueling to British industry is not 
one of immediate concern. 

Most areas of industry expect 
alternative supplies to be avail- 
able so long as the ban dies not 
become permanent 

Britain imported £114m worth 
of goods from Argentina in 
1980 and more the £50m of that 
was meat or meat products. But 
•the price'of meat is not expec- 
ted to rise as Supplies are plenti- 
ful elsewhere, particularly from 
Australia. 

The Food Manufacturing Fed- 


eration said: “ The overall level 
of trade is really pretty small, 
and we are unlikely to find the 
ban a serious source of diffi- 
culty.” 

Individual companies ex- 
pressed varying degrees of con- 
cern. Mr Derek Owens, the man- 
aging director of Matessons 
Meat said the ban would affect 
the company's costs, white 
would eventually raise prices. 

But Brooke Bond Oxo, manu- 
facturer of Fray Bentos Corned 
Beef — white takes about 30 
per cent of tee £75m UK .mar- 
ket — said Argentina supplies 
only about 10 per cent of its 
corned, .beet. “If our other 
suppliers cannot meet tee in- 
creased demand, 'this could lead 
to a shortfall, but at the moment 
we are not worried.” 

The other main imports to 
Britain from Argentina include 
oilseeds and metal ore. 


The leather industry will look 
elsewhere to make up tee rest 
of its supples, according to Mr 
Guy Heals; the director of tee 
British Leather Federation. “ It 
will stop some feather coming 
up but we wiH have to get it 
from other suppliers.” 

The British Foortwear Manu- 
facturers' Federation said "tee 
effect on tee footwear industry 
will be “negligible.” 

But more concern Jias been 
expressed over the effect of 
Britain’s exports to Argentina 
should it impose a similar ban. 
Britain exported almost £173m 
worth of goods to Argentina m 
1980, mainly heavy industrial 
machinery and road vehicles. 
Michael Donne, Aerospace 
Correspondent adds: . Orders 
for aerospace products . worth 
several million pounds will be 
held op as a result of. the UK 
trade ban with Argentina but. 


overall, the effect of the ban j 
Will be much less serious flus- 
ter other industries. 


Westland Helicopters, of j 
Yeovil, was ...Working . on. _;an • 
order for 8 Lynx helicopters, 
with HoHsBcyce Gem engines, : 
for Argentina, asuf delivery, of 
these aircraft, due to start .this ; 
summer, is now likely to; be ; 
delayed. 

' Other aerospace work :oo \ 
hand for Argentina In the ; 
industry, however, is small 
At British Aerospace’s mfli- ; 
tary aircraft - division, at 
Wartoa, -.Lancashire, a small • 
team of Argentine air force ; 
personnel, working on spares ' 
support for 12 Canberra air- 
craft sold to Argentinasome 
-time ago, have now returned - 
home, and all work on the.- sup- 
port; of , those Canberra* ' has 
been halted. • i 


Spanish Press sees French treat 


This announoamentappeaBsasamatesr of teoard only. 


Gibraltar comparison 



BY JANE MONAHAN IN MADRID 

THE SPANISH Press, without • border between Spain and Gib- 


conflict 
as a farce 


W. Germans 
back 

UK stand 


exception, has reacted sym- raltar, with a caption comparing 
pathetically to the Argentine Gibraltar with the Failklands. 


By David Housego in Paris 


takeover of tee Falkland Even the pro-GoveTOment 
Islands, comparing and contrast- liberal Diariol6 ran a banner 


ling tins dispute with Britain, . headline last weekend “ Argen- 
with Spain's century .old tina recovers its Gibraltar." 


.attempts to recover Gibraltar, Officially, tee Spanish Govent- 


Tbe strongest endorsement rnent •. supports Argentina's 
for the Atgentine action has claim to 'sovereignty of the 


come from the most right-wing Falklands but it has opposed the 
newspapers. However, liberal • use of force ot resolve the dis- 


i dailies, like El Pais and Diario • pute. None fee less, the Spanish 
16, are taking only a slightly Press has made much of a state- 


IN CONTRAST to the French 
Government, white has from 
the start warmly supported 
Britain over the Falk l ands. 
the French Press has tended 
to treat tee conflict light- 
heartedly or as a costly adrai- 
tnre that at this moment 
Britain can ill afford. 


more moderate line. 


by - -Prime- -Minister 


. On the extreme Bight, Alcazar, Leopoido Calvo Sotelo last 
a newspaper that is assiduously Friday -when he’ ref erred to the 


read by the Spanish military, Falkland Island crisis and. 
has bailed tee invasion as ah announced a joint Spanish and 


riHOFTHEI 


example .of “ courage and good British decision to postpone the 
sensed It has said that the opening of the direct com- 


us$ 4 omooo 


Argentine claim, to the islands hranicatiohs with -Gibraltar from 
“ is one. tee Spanish feel as their April 20 to June 25. 


own both through racial identity The Prime Minister said: 


and because the British occupa- “ The prolongation of colonial 
turn of this piece of land is as situations established ’ against 


“Everything about It,” 
wrote Le Blonde's Loudon 
correspondent In Wednesday's 
edition “seems anachronistic. 
The upkeep of a colony 12,000 
kms away, the gunboat dip- 
lomacy, the sailing of an * in- 
vincible armada ' and the 
unspoken hope of winning a 
new battle of Trafalgar . . 
Few French would dissent 
from that view. 


painful as that of Gibraltar in the territorial integrity, of other 


Spanish territory.’ 


countries is a cause of tensions 


Alcazar has also announced teat can lead to conflicts such 
that the leaders of tee Spanish as thy present (Argentine) 


AI-Bafifein Arab Afrksn Bank (E.CJALBAAB 
Arab African Intemafional Baric 
Arab Banking Corporafion (ABO 


Falangist party, the only legal one.” 


party during General Francisco 


Pais, .picked this up 


France’s -time, have asked for emphasising that what has 
permission, from Madrid’s Civil occurred in the Falklands 


Airi>Bankln v q rtmqm ConiparyUnfflB^ 
Aitoc Bank and IfristLnntted 


G oven or to stage a pro-Argen- “should remind the British 


tina demonstration in the capital teat. 


Aitoc Bank and ‘ttua.Lintitod 
Banque Arab© et International* dTitvestbsenvent (BJUX) 
Union de BanquesArabeseiFrancaises-iLBAR 


on April 18. 

Meanwhile, the Roman Catho- 


colonial matters. 


patience is not infini te." 
According to El Pais: “The 


In tee eyes of tee French 
Press, Britain has in recent 
years presented a sorry spec- 
tacle of a country to decline 
and beset by crises — Northern 
Ireland, a shrinking steel and 
car industry, racial- violence 
and soaring unemployment. In 
this perspective, the prospect 
of a ,e>stly and Jong drawn out 
engagement in the South 
Atlantic does not seem worth 
the candle. ... 


lis Daily, Ya, has called the only difference between the two 
Argentine action “the fulfill- conflicts is that the Falkland 

Tnonf nf 4 i^WAAfVI ** r T T U#W iVAflnw 7^1 J. T — _ 


meat of a dream.” The gener- Islands .have never ever 
ally more sober monarchist, belonged to Argentine, whereas 


ABC. has printed a photograph Gibraltar wag Spanish before 
on its front page of the closed the British seized it to 1704. ^ 


The Royal Bank of Canada Intemafional Untied 
A^Bahrain Arab African Bank (&C.) ALBAAB 
Arab African International Bank— Nassau Branch 
Arab Banking Corporation (ABC) 

Arab Bank Limited— Bahrain 
Banque Arabe et Internationale cTinvestissement (BAU.) 
Union de Banques Arabes et Francaises-U,BAE 
Artec Bank and Trust Limited 
AJ-Saudi Banque 

Arab Bankfor Invest m ent a nd Foreign Trade 
Arab Turkish Bank 

Banco Amfrosiano Overseas Limited 
Kuwaiti French Bank 
Nippon European Bank 

Uban Arab-Japanese finance Limited 


Belgians expect quid pro 
quo for EEC support 


BY G1LE5 MH£ITT fN BRUSSELS 




Arab African 


New York Agency 


“EIGHT MILLION European 
farmers the hostages of 1,800 
Britons to the Falklands ” was 
the headline in the latest issue 
of the Belgian farmers' weekly. 
Journal ties UPA, and although 
a bit exaggerated it tends to 
show that throughout the 
Falklands crisis the Belgians 
have still been keeping their 
eye firmly on the EEC economic 
ball. 

Belgium, at any rate, has not 
| forgotten that the intra-EEC 
disputes of budget payments 
i and farm prices that tend to 
, separate Britain fro mfee rest 
of tee EEC had to be hurriedly 
shelved on tee outbreak of the 
crisis. The theme that Britain 
should not forget the political 
and economic commitments of 
its nine partners In tee imports 
ban against Argentina has this 
week been common to many 
Belgian editorialists. 

Yet fee question of the price 
the UK may be invited to pay 
in budgetary concessions in 
return for the Common 


Market’s unprecedentedly rapid 
show of solidarity is not the 
dominant theme in the Belgian 
Press. News of what is being 
seen as a dramatic and fast- 
moving story with increasingly ' 
sinister super-power overtones, 
is the prime consideration. 

On . most days lately the 
Falklands crisis has driven 
Belgium’s Intractable politics 
and social tensions from the 
front pages. Gazet van 
Antwerpen has its Loudon 
correspondent aboard “Invin- 
cible,” and he reports test a 
naval withdrawal will be 
increasingly difficult 

The moral balance of Belgian 
opinion does, however, seem 
increasingly favourable to 
Britain, even if disapproval of 
the Argentinian invasion is still 
alloyed with doubts about 
Britain’s “ colonial ’’ role In the 
Falklands. As an editorial to 
the influential *‘ La Libre 
Belgique ” put it recently: 
“An unjustifiable act of force 
against an anachronism.” 


“Does a country” asked the 
Socialist leaning Le .Matto et 

the beginning of . tee crisis 
“ that has been overtaken by 
the diseases of the century — 
unemployment, . urban - sod 
social sickness, need In 1982 
to make a sacrifice of-' Itself 
over a principle?? 

The Government’s reason 
for rallying early to Che 
British cause has been to 
provide a precedent for joint 
EEC actios in the event of a 
threat to France’s overseas 
territorial possessions. . 


By James Buchan in Bonn 

- CHANCELLOR ‘ Helmut. 
Schmidt's speedy show of 
“European solidarity" with 
Britain, in banning aims exports 
to Argentina and joining tee 
EEC embargo on Argentinian 
imports, has drawn a resound- 
ing echo from the Press and 
ordinary people in West Ger- 
many. 

There have teen editorial 
reservations: at the anachronjms 
or dangerous irrelevance -of the 
conflict, at British jingoism, the 
sacrifice of Lord Caningtoh or 
the threat to jobs in German 
shipyards from- .the .aims 
embargo. 

But the newspapers have 
been almost unanimous in 
supporting 'Britain, in Us 
defence of principle. This prin- 
ciple can be the repulsion o£ 
violence, the right of the Falk- 
land Islanders to self detenu illa- 
tion or the rightful defence of : 
territory: but it is still a prin- 
ciple. 

For many West Germans. 
Berlin is a similarly beleaguered 
outpost, threatened by an un- 
pleasant regime and the leaders 
in yesterday’s Frankfurter 
Algemeine Zeitung repeated the . 
point: “A few years ago, we too j 
had to rely on tee firmness of - 
our allies when UHxricht pr°* 
claimed that West Berlin stood v 
on East German territory. 

Many papers also hope that 
the swift EEC response In 
Britain’s hour of need w3I_o? : 
much fo improve the Coin- 
m unity’s image popedm^y ' 

iri.the UK. , . 

A Rhineland .taxi' ' driver, 
pierced the gioom cf e Bossdi- 
dorf night with this, ray ri 
cheering, if inexact, commcrci® 
morality: “Britain bought ap 3 
paid for those islands,” be said, 
banging fee dashboard. 
has every right - to defend 
them.” - v - 


It is not a worry that has 
been taken up ' with much 
passion to tee Press. More 
widely aired was the point Le 
Monde made -on Wednesday In 
an editorial tint British inter- 
vention could prove psycho- 
logically and politically bene- 
ficial to tee Russians to South 
America. 

But tee French have, as 
much as anything, enjoyed tee 
farce of the occasion. The 
satirical weekly Le Canard 
Enchafnd proposed its own 
solution to tee conflict. Re- 
calling teat It was French 
sailors from St HXaio landing . 
on the Fa&dands In 1768 feat 
gave tee islands its French 
name of Les MalomheS and 
Its Argentinian name. :of 
Malvinas, tee weekly proposed 
a French fora* should re- 
ooeupy teem. The Britfte and 
Argentines would then have 
no reason to quarrel, it; said. 


Portugal plays 


it straight 

By DEana Smith in Lisbon 


PORTUGAL and Britain ha* 8 
been aHied forever flOQ s^ 
so reporting on the - crisis : 
generally has! been '-wrf 
straight, relying heavily 
mtematitmai^ ■:*. news ' egetuy 
copy and photographs, and ft*® 
of editorial comment . . ' _ 
Television has kept - 
lands at the top of fee evening 
newscasts. Again ,fee wares 
and pictures have generally 
been translations of -British or 
UjS. television hews film.' But 
this medium has made -a to®: 
ristentiy sober : aiid ;ba3anc«l' 
chonce of nmteriri, swinging 
from’ Britain to Argentina; ago 
the Falklands . feem selves vp .. 
out- attempts to take tides/ -; . 













Financial Times Friday April Jfi 1082 



OVERSEAS NEWS 


^ Stoessel optimistic 


'% 

' I 

;?, 'j£ 

'4 


■* ■<. 


::l 


about Israel’s 
Sinai withdrawal 

BY PATRICK COCKBURN IN JERUSALEM 


Hi 

•is 

.4 


ANXIETY, that Israel mi] delay 
its filial withdrawal from Sinai 
because ,if alleged treaty viola- 
tions by Egypt, diminished 

yesterday a* Mr Walter Stoessel, 
U.S;' deputy Secretary of Sfnte. 
held- talks wkh Israeli leaders, 
including Mr Menahiiu Begin, 
tlie Prime. Minister. 

/'Mr Stoessel said he is opti- 
hnstic that be will he able to 
suticmfuliy iron but differences 
between Egypt and Israel, while 
senior Israeli officials gave 
further details af - Egyptian 
action to which Israel objects. 1 

The most important of these 
if the -smuggling of arms from 
Egypt to Palestinians in Gaza, 
with the acquiescnce of senior 
'Egyptian officials, some 2U0 
grenades have been found in 
the last two weeks, in addition 
tn .iOfl grenades discovered on 
.their way to Gaza in March, 
officials said. 

They added that. In the past, 
the Egyptians had been able to 
curtail ihe arms traffic when 
requested to do so by Israel, and 
there is no reason they' should 
not do so again. 

Israel is also worried by the 
tone of Egyptian propaganda and 
what it sees as Egyptian Presi- 
dent Hosni Mubarak’s desire to 
tnend his fences with other 
Arab states at Israel’s expense. 

The tone of talks with Mr 
Stoessel. who is now to fly off to 
Cairo, seems to indicate that 
Israel will not ultimately delay 
its withdrawal, although it 



Mr Waiter Stoessel: ironing 
out fiiffer cnees 

wishes to keep Egypt and the 
U.S. .guessing at its intentions. 

Meanwhile, the strikes by 
Palestinians in Jerusalem and 
the occupied territories in 
protest at last Sunday's attack 
on the Temple Mount, seems to 
have remained solid. Observers 
note that demonstrations have 
occurred in isolated villages 
which had formerly been 
politically passive. 

In Gaza at least four people 
were injured, two critically, m 
demonstrations, according ’ to 
Palestinians. A grenade was 
thrown at an Israeli lorry but 
exploded harmlessly. 


Talks fail 25 dead in 

to resolve Lebanon 

border row fighting 


By Charier Richards in Cairo 

ISRAEL AND Egypt yesterday 
failed to settle a dispute over 
their future Sinai frontier but 
Mr Kumal Hassan Ali. the 
Egyptian Foreign Minister 
insisted Egypt is confident 
Israel will complete its with- 
drawal from Sinai as scheduled 
m Id days' time. 

He was speaking after talks 
between the President Hosni 
Mubarak of Egypt and Mr Ariel 
Sharon, the Israeli Defence 
.Minister, who is on. a brief visit 
to Cairo. 

Mr Sharon's visit was 
arranged last month to discuss 
a border dispute at Tab a. south 
ol Eilat. Egypt has suggested 
a compromise under which 
Israel would withdraw from the 
area, . which would then be 
policed by the multinational 
force and observers (MTO), 
until the dispute is settled by 
arbitration— a compromise re- 
jected by Israel. 

Since the visit was arranged, 
Israeli Ministers have aired 
acoiMitions that Egypt has 
violated the Camp David peace 
treaty, and have threatened to 
delay Israel's final withdrawal 
from Sinai. 

They say Egypt had been 
assisting the Palestine Libera- 
tion Organisation, by turning a 
blind eye io the smuggling of 
arms from the E^i ptian-con- 
, trolled Sinai town of AI Arish 
■ into the Israeli occupied Gura 
• Strip: that Egypt has shifted 
' away from Israel — as shown in 
L’aypfs II -point plan on the 
Palestinians, presented in a 
merlin.!; of non-aligned stales 
‘ in Kuwait last week: and that 
it has exceeded troop limits in 
areas of Sinai already handed 
back to Egypt. 

Mr Hassan AW has rejected 
tlicsp charges as groundless and 
s»ajrj Ivacl had not complained 
officially to EhypL 


By Ihsan Hijazi in Beirut 
LARGE-SCALE fighting be- 
tween rival Shi’ite and leftist 
factions has spread to the 
capital. BeiruL which re- 
sounded to the blast of explo- 
sions all night Wednesday 
and early yesterday as the 
combatants traded rockets 
and artillery shells in a num- 
ber of residential quarters. 

The clashes were between 
militiamen of Amal, the 
Shiite paramilitary organisa- 
tion, and mebers of the Nat- 
ional Movement Alliance 
which is supported hj Pales- 
tinian guerrillas. The con- 
frontation. furthermore, is 
turning into one between the 
Shiites and the Palestinians. 

According to initial reports, 
as many as 25 people lost 
their lives in two days of 
fighting in South Lebanon and 
Beirut. 

The Palestine Liberation 
Organisation issued a state- 
ment denying charges by 
Sheikh Mohammed Cham- 
seddin. the top Shiite religions 
leader, that guerrillas had 
taken part In the bombard- 
ment of Shi'ite villages in the 
south. 

In Beirut, the fiercest battles 
centred in the heavily popu- 
lated southern suburbs where 
a large Shiite community 
residents. These suburbs arc 
also near Palestinian refugee 
camps. 

Beirut Airport reopened 
yesterday after closing the 
night before because or shells 
falling nearby and because 
roads were cut off by gunmen. 

An uneasy truce was 
arranged but analysis here do 
not expect it to last. Several 
shells fell un Moslem residen- 
tial areas yesterday 
In Southern Lebanon, the 
clashes yesterday spread to 
the area controlled by the 
United Nations peace-keeping 
force, known as Unifll. 


OBITUARY 


C. Y. TUNG 


Shipping magnate 
willing to take risks 


. MB C. V. TUNG, the Hons 
Kong shipping magnate who 
built up one or ihe world’s lar- 
gest mon.ii.mi fleets, died of a 
hear! attack yeMprd.iy at the 
age of 7|. Ile'pnd fallen ill on 
Wednesday night, after a ban- 
quet given m honour of the 
visiting Prince Painter and Prin- 
cess Grace of Monaco, which he 
attended a.s Monaco's honorary 
consul in Ilona Koiir. He was 
taken to hospital and died in the 
early hours of the morning. 

Tuns Chau-Yung. like many 
Hotly Kilim lriihistiialisK was 
horn tn Shanghai and laid \Y£ 
foundations of Jus fortune there 
before ninv ins to Hon;; Kong in 
liH9. H:> >hipj»!P.£ career began 
when he founded the Chinese 
Ueirhani Navigation Company 
shortly aficr the Second World 
War. 

ttvw the -next -AV years, the 
C. Y. Tung grtup grew to em- 
brace iso shins.. t.o1 ailing some 
Uni deadweight tons, its quoted 
arm. Orient Overseas Container 
< Holdings!, hough i Britain's 
Fumess Withy Croup two years 
aco for i'llSm. 

Mr Tung has shared the pub- 
lic eye with Sir Yuo-Kong Pao 
as the most successful of Hong 
Kong shipowners- Bene. fitting 
from extensive partnership with 
the Japanese, favourable lax 
conditions Slid, local expertise, 
the Hint: KonaiT-mroHed fleet 
is now second m size only us 
that of the. U.S. . . 

Sir Y. K. Pan and Mr Tung 
arc regarded, however, as hay- 
ing differed In. their approach 
to the shipping business. The 


former has been said to look at 
ships with something of a 
blinker's eye for the sccurc- 
yieidmg investment. Mr Tung, 
however, is .said to have been 
primarily interested in opera- 
tional opportunities, with a 
willingness to take risks. 

Mr Tung was always a lover 
of big ships, even when they 
were out of favour elsewhere. 
In I95S. his 70.000 ton tanker 
Oriental Giant was a titan of its 
lime. In December. 19S0. the 
completion of the half-million 
ton Sea wise Giant realised his 
dream of owning the world’s 
largest ship. The bigger the 
ship, he maintained, the more 
economical the running costs. 

Another of Mr Tung's notable 
acquisitions was the former 
Cunard liner Queen Eliiabeth 
J, iv 1 nch he converted into the 
punningly-n.imcd Seawise Uni* 
vcrstly. Sadly, in 1972 Ihe ship 
caught fire and capsized at its 
mooring off Stonecutter's Bay 
in Ilonu Kong harbour. 

Mr Tung survived by his 
wife, throe daughters, and two 
sons, one of those sons, Mr C. 
H. Tung, succeeded to the chair- 
manship of OOC fHl In 19/ 1 , 
and has been progressively tafc 
frig over the day-to-day running 
of the group. 

Among Inca! businessmen 
paying tribute to Mr Tung yes- 
terday, Mr Trevor Bedford, 
Hung* Kong Land managing 
director, described him as one 
of Hong Kong's great men . , . 
we' will feel his loss deeply. 
ILG. 


Botha likely to meet critie of race policies in ‘near future’ 


BY BERNARD SIMON IN JOHANNESBURG 


MR P. IV. BOTHA, the South 
African Prime Minister, is 
likely to meet President 
Kenneth Kaunda of Zambia 
“in the near future." Mr Botha 
said yesterday. He gave no 
indication of where or exactly 
when the meeting will take 
place. 

Dr Kaanda is an outspoken 
critie of the South African 


Government's race policies, 
but has slopped short or break- 
ing all contacts with Pretoria. 
■He met Mr Botha's predeces- 
sor, Mr John Vorster, in a rail- 
way carriage on the Victoria 
Falls bridge between Zambia 
and Zimbabwe m August. 
1975, and Zambian officials 
have regularly visited 
Pretoria since. 


In an interview with -a 
Johannesburg newspaper last 
month. Dr Kuan da said he 
wanted to meet Mr Botha to 
discuss “potentially explostve” 
developments in Southern 
Africa, including the future' of 
Namibia and raeial tension in- 
side South Africa itself. 

Mr Botha reacted by saying 


that the Government was 
always willing “ to discuss 
matters of common concern 
with leaders of - - other 
countries," but that Dr Kaunda 
was misinformed about con- 
ditions in South Africa. 

Mr Botha hinted in his 
statement yesterday that the 
Government of Lesotho had 


played a key role as an inter- 
mediary in .selling up the 
meeting with Dr Kaunda. He 
said that Mr Pik Botha, the 
Foreign. Minister, and himself 
recently held discussions with 
Basotho officials In Pretoria, 
after which the possibility of 
a meeting with Dr Kaunda 
was raised. 


Despite Aeir political 
differences. South Africa and 
-Zambia have close commercial 
ties. South Africa exports 
large quantities of foodstuffs, 
chemicals, machinerv and 
building natrriais to Zambia, 
while a larqe proportion of 
Zambia's copper exports is 
shipped through South 
African pons. 


S. Africa may prove rallying cause in Zambia e 



BY MICHAEL HOLMAN IN LUSAKA 


“ UNrP“ DECLARED' the 
television announcer at the 
beginning of the main evening 
news bulletin, “ is a gift to the 
nation.” 

Whether Zambia's Bra people, 
who go to the polls next year, 
agree is difficult to assess. The 
United National Independence 
Party (UNIP) has been the 
counters sole legal political 
organisation since 1972. Only 
UNIP's nominated candidate 
may stand in the presidential 
election, and the party has the 
power to veto unacceptable 
parliamentary candidates — 29 
were so barred in the 197S 
campaign. 

In the past six years, voters 
have seen a steady decline in 
their standard of living and the 
quality of social services as a 
result of the mid-1970s slump 
in the price of copper — 
Zambia's main export ' 

Meanwhile, the end of the 
Rhodesian guerrillla war, an 


issue which on the whole 
served to unify the country as 
fighting spilt over the border, 
has turned the electorate's 
attention to domestic- matters, 
such as ' the long-running 
treason trial of 13 citizens — 
including a former governor of 
the Bank of Zambia, accused 
of plotting the overthrow of 
president Kenneth Kaunda'* 
government in October 1960. 
However. Dr Kaunda, absent 
from the international stage 
since Rhodesia became 
Zimbabwe two years ago, has 
put himself back io the head- 
lines — and for a while diverted 
the electorate — with his 
dramatic offer last monrh to 
meet the South African Prime 
Minister Mr P. W. Botha. 

Dr Kaujida’s offer took ob- 
servers by surprise, coming as 
it did soon after a meeting of 
the six .African front-Jine states 
in Maputo, Mozambique. Ir was 
attended for the first time by 


Mr Oliver Tambo, president of 
the African National Congress 
(ANC) of South Africa, as well 
as Mr Sam Nujoma, leader of 
the South-West Africa Peoples 
Organisation (SWAPOl which 
is fighting for independence in 
Namibia. 

The meeting’s' communique 
was especially forthright in its 
denunciation of what it called 
“PretoriSL’s destabilising tactics 
in the region.” Informed sources 
say that Dr Kaunda did not can- 
vas the Botha meeting there. 
Nevertheless, senior Zambian 
officials declare that the Presi- 
dent’s offer was calculated, and 
not an off the cuff proposal. 

While concern about apar- 
theid and its effects on South 
Africa and . Namibia, where 
settlement negotiations appear 
to have reached stalemate, 
prompted Dr Kaunda’s offer, 
two other factors may be in- 
volved. 

Dr Kaunda still has cause fur 


anxiety about South African 

intentions towards Zambia. 
Lusaka provides the head- 

quarters of the ANC and is thus 
an obvious military target and, 
while there is only one Swapo 
refugee camp (in Western Pro- 
vince-); Pretoria may have 

duubis about its nature. 

Thus South Africa may 

replace Rhodesia as the rally- 
ing cause for the party as the 
election draws nearer and ihe 
considerable domestic difficul- 
ties continue. 

GDP declined in real terms 
by ].8 per cent last year and 
398*2 will be equally difficult. 
One key indicator uf the coun- 
iry’s economic healih is the 
level in arrears in payment for 
imperii and the remittance of 
profits and dividends. Zambia 
began accumulating arrears in 
the mid-1970s and ihe amount 
currently stands ai nearly 


Kwachas 500m (f306m1 and 
stretches back 27 months. 

Prospects for an early reduc- 
tion are poor. The already acute 
shortage of foreign exchange, 
.due to low world copper prices, 
is exacerbated by the hold up 
of over 104.UUU tons ol the 
mineral — 17 per ceni or annual 
production — on the Tainan ia- 
Zambia railway (Taxaral. 
mainly because of a lack of 
adequate locomotives. Low 
demand for cobalt. Zambia's 
secoud largest foreign exchange 
earner, lias forced Ihe mme> to 
stockpile over2,5U0 tons, equiva- 
lent to eight months' production. 
External debt service in 198U 
was 27 per cent of export 
receipts and the proportion has 
not markedly changed since, 
while oil imports (over Kwacha 
2i<0m a vearl take up a further 
20 per cent. 

Since the mines are Them- 
selves a major foreign exchange 


consumer, this leaver precious 
Jitile for commerce and industry 
—hence the shortage of sparer, 
rundown of stocks and ageing 
plum and equipment. 

Perhaps the single most 
serious problem in a country 
where tip to -fu per eenr of the 
population now live in the 
loons iv unemployment. Apart 
from ihe existing pool of jub- 
Some 8U.OUU school leavers 
come on the market every year. 

Zambia would have been in 
dire si rails without the drawing 
ol two tranches tut tiling 
SDR 3U0m from the Inter- 
national Monetary Fund (IMF) 
13%I year. As ii happened, the 
money went towards clearing - 
uncovered Idlers of credit, 
port and freight - charges, reduc- 
ing arrears and providing hord- 
pid-rd manufacturers with a 
modicum of foreign exchange 
and ensuring that most basic 
commodities were available.' 


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6 


AMERICAN NEWS 


William Chislett follows the Mexican president’s- successor, on his campaign trail 


Public progress of the ‘People’s Candidate’ 


IfttXi CO'S Institutional Revolu- 
tionary Party (PRI) faces its 
stillest, opposition ever in the 
presidential and general elec- 
tions scheduled for July 4. 
Political reform, designed to 
channel dissent through an 
institutional framework, has 
spawned five new parties, rang- 
ing from a shaky Left-wing 
alliance, built around the com- 
munist United Socialist Party 
O t Mexico (PSUM), to the in- 
significant Mexican Democratic 
Party. 

The opposition does not 
currently pose a real threat to 
the official party, however. The 
PRI - is deeply entrenched in the 
State though its control of the 
bureaucracy, .the legislature and 
the judiciary, as well as local 
governments in the country's 32 
States. Through its three sectors 
representing the peasantry, the 
trade unions and the middle 
class, the PRl’s influence is all 
pervasive. 

Nevertheless, the PRI is 
Meararollering through the 
country in an extravagant and 
superbly orchestrated campaign 
which, with its current budget 
deficit and falling oil revenues. 
Mexico can ill afford. The PRI 



Sr Miguel de la Madrid, tbc 
PRTs presidential candidate 


believes that the several hun- 
dred million dollars it is spend- 
ing are worth it. The campaign, 
is an essential part of the 
political system as the PRI takes 
the pulse of the country aod 


goes through the 1 motions of : 
democracy. F or all its faults, this 
system has given Mexico 53. 
■years of political stability. 

' Mexico's President Jose Lopez ‘ 
Portillo, constitutionally limited 
to one seven-year term of office, 
has designated Sr Miguel de Ja - 
Madrid as his successor. For the 
past five months. Sr de la Madrid - 
has been working his way 
around Mexico’s- 32 states and 
70m population. • • ■ ■ 

This time it was the turn of 
San Luis Potosi. an agricultural 
and mining state id Central 
Mexico about the. size of Wales, 
to welcome the man who- will 
•preside over a country that is. 
the world's fourth largest oil. 
producer. One fifth of the state’s 
population of 1.6m is illiterate, 
half the homes have no elec- 
tricity or running water and 
most of the people do not cam 
enough for hte basic necessities. 

As the modern electric train 
approached San Luis Fotosi's 
newly painted station, decked 
out with gian bamrsrs proclaim- 
ing support for the “ People’s 
Candidate.'' the '"brass ' band 
arrived to yet another tumul- 
tuous reception. 

Applause, relayed by loud- 


speakers, greeted Sr de la 
Madrid’s procession as it arrived 
in. the ' confetti-covered main 
square. After three speakers 
.took turns to - praise him, the 
forest of banners was lowered 
and Sr de lot' Madrid asked the 
crowd to reaffirm their faith in 
the-PRI. the “vanguard of the 
people." bom of the 1910 
'revolution in which 1m people 
were killed.. 

’ It was :then- the turn . uf 
university- students to meet Sr 
de la Madrid, in “popular 
consultation," a new idea he 
introduced' in an attempt to get 
a clearer, picture- -of the, 
country’s "problems. A succes- 
sion of students criticised the 
system; one asked him to 

• account - for the hundreds of 
people who are said to have 
“ disappeared," another asked 
him if he was " the result of 
the monopoly of political- power 
of the product* of the people's 
demands."'- 

Sr de la Madrid was frank 
with them. He admitted the 
revolution had not been a com- 

* plete success:' basic rights were 
sometimes violated and 
•Mexico’s main problems con- 
tinued to be' “ social injustice.’’ 


He insisted, however, that the 
PRI was still the country's best 
political option. A PR! van was 
stationed outside the hall where' 
people could deposit written 
complaints. - 


After a ** popular lunch ” with 
a number of townspeople, 
Sr de la Madrid opened the 
“ Fidel ' Vfelazquez ” bousing 
estate for state workers named 
after the octogenarian who' has 
run Mexico’s trade union move- 
ment for the past 40 years. 


By now it .was dusk. The last 
meeting, another “ popular con- 
sultation,” was held in the 
luxuriant garden of San Luis 
Potosi’s cultural centre, 
housed in a coionian mansion. 
There were eight speakers, in- 
cluding a peasant who spoke of 
the desperate plight of the 
people in the arid countryside. 

Afterwards, Sr de la Madrid, 
joined by his wife, walked 
through the main streets 
serenaded by musicians . in 
medieval costume. The sky 
was lit up by a spectacular 
show of fireworks which traced 
out the words “ the progress of 
Mexico is assured with Miguel 
de la Madrid." 


World Bank rebuffs U.S. critics] Steelmakers seek union 


BY ANATOLE KALETSKY IN WASHINGTON 


IN HIS first major policy speech 
delivered in a developing 
country. Mr H. W. Clausen. Pre- 
sident of the World Bank, yes- 
terday emphasised the bank's 
continuing commitment to many 
of the social objectives estab- 
lished over the past decade 
under the Presidency of Mr 

Robert McNamara. 


He rejected some of the. 
criticisms of the World Bank 
advanced by American conser- 
vatives and emphasised that the 
bank recognised the difficulty 
many Third World governments 
had in carrying out the policy 
changes recommended by the 
bank's economists. 


Speaking in Nigeria. Mr 
Clausen said the hank's *• key 
and central aim " was the 
alleviation of poverty and he 
promised that it would continue 
to concentrate on this by- 
enhancing the productivity of 
the poor countries. 

Some of the bank's critics in 
Ihe Reagan Administration have 
suggested that economic growth 
alone is the best way of alleviat- 
ing Third World poverty and 
(hat the bank should not pay 
too much attention to the dis- 
tribution of. wealth. 

Mr Clausen said that pros- 
pects for the. poorest countries 
could be improved by new 


measures by their governments, 
but he acknowledged that such 
poUcies could be difficult to 
effect. He said the bank was 
not concerned about issues of 
ownership and control, and did 
not favour private over public, 
enterprises. Both ' sections 

could have a vital role to play 
in development. 


cost-saving concessions 


BY RICHARD LAMBERT IN NEW YORK 


Ho strongly* criticised .the 
developed countries for reduc- 
ing their contributions to the 
International Development 
Association (IDA), the bank's 
“ soft loan " arm. The shortfall 
this year would be abount 
$1.5bn in relation to the earlier 
commitments 


MORE U.S. steelmakers may be 
about to ask for cost-saving con- 
cessions from the United Steel- 
workers’ Union, which has a 
labour contract with the in- 
dustry extending to August next 
year. 

No formal request to reopen 
talks on the contract has been 
made, however. Some of the 
larger companies say it is un- 
likely. that .any industry-wide 
attempt to renegotiate pay terms 
will be made ahead of schedule. 

Instead, the industry last week 
made a' formal presentation, tn 
the union, which gave detailed 
comparisons’ of labour costs be- 


tween the U.S. industry and its 
foreign competitors. This is 
seen as the start of a long-term 
effort to persuade the workers 
that increased productivity will 
be necessary to ensure survival. 

So far this, year, U.S. steel- 
makers have been working at 
around 59 per cent of capacity. 
More than 100.000 workers are 
now. laid off and a further 20,000 
or so are on short time. 

Three of the most financially- 
troubled companies — Wbeeling- 
PiUsburgb. McLouth and Penn- 
Drae, have already secured 
special concessions from the 
union. 


The difference between our First Class 


: XT’ 



By Victor Mackiein Ottawa 


QUEEN ELIZABETH was 
due to. arrive in Ottawa yester- 

. day for engagements with 
Canadian leaders Including all 
Lieutenant Governors, which 
will lead to the proc lama tion 
of Canada’s- new- Constitution 
- tomorrow. 

Four' days of ordiestrated 
flag-waving before the Queen 
• departs on Sunday morning 
promise to give the occasion 
an air of jubilation despite 
. the crisis over- the Falkland 
Islands. 

Quebec’s refusal to have 
anything to do with the new 
Constitution created quite a 
quandary for the province's 
Lt Governor, Mr Jean-Pierre 
Cote, who was Instructed by 
Mr Rene Levesque, the. Pro- 
vincial Premier,, to follow the 
advice of his Cabinet and 
abstain from participating to 
I- • activities to mark the procla- 
mation of the Cabinet Act. 

Mr Cote responded that con- 

- vention.. requires the Lt 
I Governor only to follow the 

- advice of the Premier in the 
sanctioning of laws, the open- 
ing and closing of Parliamen- 
tary sessions, and other duties 
which toll within provincial 
jurisdiction. “I believe the 
decision to attend or not to 
attend belongs to me,” he 
said. 

■ Mr Lcvfesque told the 14 
Governor in a letter yesterday 
that the Quebec Government 
would not be opposed if Mr 
Cote attended the Privy Coun- 
cil function “since you are 
personally a member and can 
participate without represent- 
ing Quebec.” 

This compromise has been 
accepted by Mr Cote, who will 
! attend a Privy Council lun- 
cheon with the Queen on 
Saturday. He will not par- 
ticipate in any other events. 

Security has been 
strengthened becanse of the 
Falkland Islands crisis and a 
terrorist attack on a Turkish 
dinlomat in Ottawa last week. 

The proclamation -ceremony 
tomorrow’, morning' will take 
-place on the lawns in front of 
the Parliament buildings so 
that the public can particinate. 
The Queen has insisted on 
being allowed to mingle with 
the public, much to the con- 
cern of the security officers. 
But weather forecasts indi- 
cate that showers may force 
the outdoor public ceremony 
to be cancelled and the actual 
proclamation moved indoors to 
the Senate Chamber. 

The ceremony, when the 
Oueen officially declares that 
the Constitution has been 
brought home from West- 
minster after Canada's 215 
years of nationhood since the 
British North American Act 
of 1867. will be telecast Hve 
across Canada. The ceremonv 
is ( expected to take 33 
minutes. 

The proclamation is the 
1 main event on the Queen’s 
schedule : but before it she 
and the Duke of Edinburgh 
n-ill attend several private 
dinner and a gala hall at the 
National -Arts Centre, where 
the 2.300 guests will be'' 
■present hy Invitation only. 


Nicaragua 
agrees to 
U.S. talks 


Today, British Airways and most European airlines are eliminating First Class on flights in 
Europe. Lufthansa is not only keeping First Class now; we have every intention of keeping 
First Class in the future to each of our 1 21 destinations worldwide. If you havexonnecting 
flights in Europe, therefore, Lufthansa allows you to fly First Class on every leg of the 
-journey. In the extra comfort and style to which you have become accustomed. And at a 
time when most other fares are going up, -Lufthansa-is reducing its. First Class tariff on all 
flights out of the U.K., from April 1. 


© Lufthansa 


Contact your Travel Agent or Lufthansa Reservations. 


By Our Washington 
Correspondent 

NICARAGUA has formally 
agreed to open discussions 
with the U.S. on an eight- 
point plan t® ease tensions^ in 
Central America, according 
to diplomatic sources in 
Washington. 

Ihe Nicaraguan Govern- 
ment's acceptance of the 
plan, which was 'officially put 
forward last week by the U.S. 
Stale Department as a basis 
for negotiations, was conveyed 
late on Wednesday by the 
Nicaraguan ambassador to Mr 
Thomas Enders. Assistant 
Secretary of Statae respon- 
sible • for Latin America. 

The plan calls for Nicaragua 
to end assistance to left-wing 
guerrillas In El Salvador in 
exchange for a U.S. commit- 
ment- not to interfere in 
Nicaragua's internal affairs 
and not to .encourage anti- 
Sandinfsta forces training to 
the tJ.S- and Honduras. 

The U.S. proposals follow a 
plan . put forward -by the 
Mexican Government -to 
-defuse tensions in Nicaragua 
and El Salvador and it is 
expected that meetings 
between U.S. and Nicaraguan 
officials will take place; In 
Mexico City. However, It is 
stiJI by no means clear that 
any agreement wilt be . 
possible. 

- The U-S- and Nicaragua 
may - well differ to their 
interpretations of what 
constitutes aid to left-wing 
guerrillas in El Salvador and 
what' is defined as un- ' 
warranted interference In the 
internal affairs of other 
countries. 

The biggest uncertainty in 
the region is the composition 
of a new -government In El 
Salvador, after, last month’s 
indecisive elections. The 
extreme right wing parties 
which have won 36 of the 6fl 
seats in the new Constituent 
Assembly have offered the 
moderate Christian Demo- 
cratic Party a role in hte nttv 
government 


Financial Times Friday April 16 1982 . 




Quebec finds 
formula to 
avoid 
royal snub 




compromise 


BY REGINALD DALE, U5. EDITOR IN WASHINGTON. 


PRESIDENT Ronald Reagan 
has given what is being 'inter- 
preted here ' as a signal that he 
might accept. an income tax sur- 
charge as part of « compromise 
on his 1988 budget proposals. 

It “would have to he contained, 
however. In what lus aides call 
4, a balanced ■ programme" ■ to 
reduce the deficit —-now 
officially put at $101 -9b n if the 
Reagan budget ds adopted; 

A proposal lor a 4 per cent 
income tax surcharge on higher 
incomes is one of the many 
possible ways of reducing The 
deficit that have been discussed 
in secret negotiations on Capitol 
DSH between the White House 
and Congressional leaders over 
the last few weeks. 

' Earlier this week Mr Robert 
Dole,. Republican chairman of 
the Senate finance committee 
and a key figure in the negotia- 
tions, said that it had his 
support. . 

Mr .Reagan’s, remark was at 
best ambiguous. He was 
“neither -ruling out nor ruling 
to’’ the tax surcharge proposal, 
he said. But bis comment was 
taken as a sign of flexibility by 
Washington budget-watch era. 

• Mr Reagan has repeatedly 
made it dear that there can be 
no tamp erin g with his overall 
tax-cutting programme, under 
which the next 10 per cent cut 
in- personal taxes is due oh 
July 1. Congressional Democra- 
tic leaders, however, are insist- 
ing that they will not agree to 
cuts in entitlement programmes 
unless tax revenue is increased. 

Mr Donald ■ Regan, the 
Treasury Secretary, yesterday 
warned Congress that it would 
have to reconsider Mr Reagan’s 
original budget proposals if no 
compromise could be reached. 

However, Mr Howard Baker, 
the Republican leader in the 



Sen. Dole (above) : supports 1 
tax surcharge 1 . : Sen. Baker ■ 
(below) set deadline. -. 



Senate, on Wednesday said that 
if there was so agreement by 
next week, he would instruct 
the. Senate budget committee to 
resume work on its: own.- pro- 
posal. The committee stopped 
work ax', the Administration's 
request to allow more. tune for 
negotiations with - --the fWhite 
House/ ■- "/. ’ - 
Mr Regan said-ha was “rather 
hopeful that we. can come up 
with a complete package.” Very 
little had-been ruled 'out fey any 
of the -participahtSv he said. . 


Tax aid for school fees 
likely to be opposed 


BY OUR VS. EDITOR IN WASHINGTON 


PRESIDENT Ronald Reagan 
yesterday launched a controver- 
sial plan to provide tax credits 
for parents paying private 
school fees. The plan, which 
would cost $4.6bn (£2-5bn) by 
1987, drew immediate criticism 
from representatives of the 
public education sector and 
Capitol Hill. 

Mr Reagan announced the 
proposal, at a meeting of the 
National Catholic Educational 
Association in Chicago, both to 
fulfil a campaign premise and 
to rally what the White House 
fears is flagging support among 
the country's middle classes. 

Critics, however, say that at 
a time of budget austerity the 
plan effectively removes 
resources from public educa- 
tion. 

Mr Reagan defended his pro- 
posal as M fair, equitable and 
designed to secure the parental 
•right to choose.” . • 

He said it was aimed at 
“middle and lower income 
working famines who now bear 
the double burden of taxes 
and tuition." 

Some 5m students now attend 
about 20.000 private schools in 


the U.S. Administration officials 
say that more than SO per cent 
of . the parents would- qualify 
for the proposed tax credit . 

Ah official estimated -that- toe 
overage cost of sending a. stu- 
dent to a private school last 
year was $550 at elementary 
level and about $900 at secon- 
dary level. The programme, 
designed to be phased an over 
three years, would provide a 
maximum tax erdtt of $100 per 
child in 1983, $300 in 1984 and 
$500 in 1885c J ' 

Full credit would be avail- 
able to families with incomes 
of up to $50,000 a year, with 
reduced credits for those earn- 
ing up to a maximum of 
$75,000. The plan is headed for 
a difficult time in Congress, 
where Mr Robert Dole, the 
Republican Chairman of the 
Senate Finance Committee, has 
said it would be too expensive, 
given the country’s fiscal prob- 
lems. 

The National Education 
Association quickly branded 
-the plan, as “ unsound economi- 
cally. constitutlonafiy and 
educationally” 


GRIIPPO MONTEDISON 


m 


PHRmiTALin 

CARLO ERBfl 


FARMITAUA CARLO ER8A S.pA of Milan, Italy, and HOFF- 
MANN-LA ROCHE Inc. of N utley. New Jersey have an- 
nounced today their agreement to market In the United 
Slates a new prostaglandin for use Inca tile,' horse, sheep 
and swine. •' •• ' ■- 


The prostaglandin, 'a Kaprostol,. developed by Farm Haifa 
Carlo Erba, is patented in the United States and. many other 
countries, and will be produced in bulk form in Italy. 
Hotfmann-la Roche Inc. will produce the dosage form of 
the prostaglandin in the-, United Statesand initiate sales as 
soon as all federal and other regulatory procedures applic- 
able, to veterinary drugs are completed. 

A "new animal drug application* concerning this prosta- 
glandin has been fifed with the U.S. Food and Drug Adminis- 
tration. . 


Farmitalla Carlo Erba, subsidiary of toe Montedison Group, 
is Italy's largest 'pharmaceutical. company and. devotes 
substantial resources to research arid development both in 
•ther human and in the veterinary fields. Industrial and com- 
mercial exploitation of veterinary products, including this 
new compound. Is entrusted to VETEM S.pA a subsidiary 
of Farmitalia Carlo Erba. 


Hoffmann-La Roche Inc. is a major health care company 
and a.leaderin the production and distribution of vitamins' 
and medications hr livestock, poultry and pets. 'Hoffmann- 
La Rophe Inc. will produce the dosage form of the new pro- 
duct at its plant in Nutiey, New Jersey. 


WINSTON HAKANSON 


AND CO 

; FON DKOM M I SSI ON AB 

Are phased Jo announce the opening '- 
of tberr Office today % 

CORPORATE. FINANCE 

UNDERWRITINGS - PORTFOLIO MANAGEMENT 
SECURITIES CEAUfl? 

Skeppsfaron 8, $-111 30 Stockholm, 


Telephone: 08-240 260 


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‘ ' ^oliterated 
the competition 


Here is an independent survey 
of Managed Pension Ihnd perform- 
ance in 1981 publishedby Cubie, 
Wood &Co.Ltd* 

As you can see from the figures, 
in mixed funds with property one 
Managed Fund dearly outper- 
forms the others. 

Scottish Provident 

No less than three other inde- 
pendent surveys (fromWillis Fabei; 
The Wyatt Company and MPA) 
— di the same conclusion. 

tn equity funds, too, Scottish 
ovident is first out of 18 funds 
nalysed by Cubie,Wood, show- 
ing growth of 32.0% over the 
v \year (Our nearest competitor 
\f : \ managed a respectable 
V ; >23.8%.) 

This is a unique record. 

| It means that those com- 
• panies who have entrusted 
their pension funds to us, whether 
on a mixed or on a specialist equity 
basis, have seen the value of their 
funds far outstrip the average fund 
during 1981. 

Now. Who's looking after your 
pension fund? 

Ifyouwouldliketoknowmore, 
please askyourpensions adviser or 
write toThe ScotfishProvident 
Institution, 6 St Andrew Square, 
Edinburgh EH2 2XA 




'Keprtnted from die 1PMS Annual Survey pnblidied by Cubie, Vftwxi 
& Co. Ud, Norfolk House,VfeHesIey Road. Cioydon,SuxreyCR93EB. 






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UK NEWS 


- »» 


De Lorean 
assets 


.( . 

■K 


deal 

possible 


Money supply better than thought 


BY ROBIN PAULEY 


By John Griffiths 


DETAILS of Mr John De 
Lorean’s proposed S54m rescue 
package for the Belfast-based 
sports car concern, in receiver- 
ship for eight weeks, are being 
presented to Northern Ireland 
Department of Commerce offi- 
cials in Belfast and to the re- 
ceivers in London, 


Mr De Lorean says $40ra Is 
available for long-term invest- 
ment. Some Sl4m would be pro- 
vided from the sale of 1.191 cars 
to a U.S. concern. Consolidated 
Internal onal. 


This could partly pay off some 
S19m owed tn Bank of America, 
which financed De Lorean's in- 
tervention in the U.S. and took 
control of the stocks through 
the courts. De Lorean sales in 
the U.S. are at a stanstill as a 
result of the bank's action. 


Conditions 


The conditions under which 
the long-term investment would 
be made remained unclear last 
night. But Mr De Lorean has 
persistently stated in public 
that private investment would 
not be feasible without the Gov- 
ernment foregoing its invest- 
ment in the Belfast operation — 
for which it advanced nearly 
£70m. 


THE REVISED money supply 
figures for March published yes- 
terday were slightly better than 
last week’s estimate, which was 
itself better than expected. But 
there was no noticeable impact 
in the markets, still preoccupied 
with the foreign affairs crisis. 

The high level of hank lepdng 
to the private sector continues. 
Strong contractions^ influences 
in the publ ic sector led the Bank 
of England to intervene substan- 
tially In the money markets to 
relieve the resultant liquidity 
pressures in the banks. 

The Bank was Intervening 
fairly heavily an most days dur- 
ing banking March, a pattern 
which has been building up in 
recent months. 

Sterling M3, the broad-based 
measure of the money supply, 
grew by 0.2 per cent afteT 
seasonal adjustment in the four 


weeks to mid-March (count 
with the estimate of 0.25 per 
cent!, according to Bank figures 
published yesterday. 

This slightly lower level is in 
spite of the fad that the 
estimated figure for collection 
of back taxes delayed by the 
Civil Service strike has been 
reduced from £lbn to £75Qm. 

It underlines that ‘Govern- 
ment departments spent less 
than expected, as indicated 
earlier this week in the central 
government borrowing require- 
ment figures. 

There is still between £L5bn 
and £1.75bn outstanding in 
unpaid taxes because of the 
Civil Service strike which has 
been making a nonsense of 
officiaUtatistics for a year. But 
officials expected that, after 
banking April, the outstanding 
taxes will flow into the Ex- 


chequer in small amounts and 
cease to have such an impact 
on the figures. ■ 

Bank lending to the private 
sector rose by £2.09bn, season- 
ally adjusted, of which £9 00m 
was bills and £92 0m advacnes. 
To offset the cash shortages 
resulting from the contractuary 
effect of transactions in the 
public sectors the Bank Issue 
Department purchased £2.09bn 
of commercial bills. 

This high level of bill hold- 
ing is expected to fall to a 
lower level in the coming 
months. 

The Bank is now calculating 
the annual revision of all the 
seasonal adjustments to the 
monetary aggregates. When 
they are published next month, 
hey are Hkely to involve a 
modest upward revision. to the 
March sterling M3 figure but 


downward revisions in some of 
the earlier months* figures 
should compensate. 

Yesterday’s figures for March 
showed the narrow money 
measure MI (covering notes and 
coins plus current • ' account 
deposits) fell by 0.7 per cent 
following a 0.5 per cent fall the 
previous month. The broad 
measure of private sector 
liquidity PSL2 (coveting sterl- 
ing M3, building ' society 
deposits, national savings and 
money instruments! rose by 0.6 
per cent seasonally adjusted, 
compared with the earlier esti- 
mate of 0.5 per cent. 

All the figures are well 
within the Government’s latest 
target Tange for the three aggre- 
gates sterling M3..PSL2 and Ml, 
which is 8 to 12 per cent fo? the 
14 months from mid-February 
1982 to mid-April 1983. 


£57m scheme for Motherwell 


BY IAN RODGER 


The C-overnmpnt raicht allow 
the receivers. Sir Kenneth Cork 
and Mr Paul She well a. deal 
under which the fixed assets in 
Beirast could be leased to the 
L r .S- company, or sold to it on 
a long mortgage. 

If -the cash is available a lease 
«r mortcase a trance mem could 
allow the plant tn he taken nut 
cf receivership with - little cash 
changing hands, and leave 
enough w deal with most of the 
company's other financial prob- 
lems. 


Not paid for 


Before this arrangement 
could be made, the U.S. com- 
pany would have to acknow- 
ledge the $20ra it owes the Bel- 
fast company for cars which 
have been supplied but not paid 
for. 


Any cash raised would need 
to be advanced to Belfast to 
pay the main unsecured sup- 
pliers. who claim they are owed 
about £20m. 


A £57m five-year scheme to 
make Motherwell more attrac- 
tive to industry has been 
launched by the Scottish 
Development Agency, Strath- 
clyde Regional Council and 
Motherwell District Council. 


The agencies hope that over 
the period 3.000 permanent 
jobs and a further 500 tempo- 
rary jobs under the Youth 
Opportunities and Community 
Enterprise programmes will be 
created. 

Motherwell has suffered 
severe job losses, in recent 
years, largely because of the 
phasing out in the late 1070s oi 
British -Steel Corporation’s 
Lanarkshire Steelworks. There 
are about 10.000 people un- 
employed In the district, 21 per 


cent of the labour force. 

Nearly half the project funds, 
£25m, are to he spent on pro- 
viding new factory space, re- 
habilitating or converting old 
premises and on site assembly 
and preparation work. 

The BeilshtU area will be 
promoted as a centre for distri- 
bution and food processing acti- 
vities and a range of advance 
units will be provided. 

A study by Deloitte Haskins 
and Sells identified the poor 
quality of the environment as 
a major constraint to business 
development in Motherwell. 

In particular, the steelworks 
site is to be landscaped 
to overcome the impression 
of dereliction * ’ and the 
surroundings of the remaining 


Ravemscraig works are to be 
improved. 

• An unemployment-hit Scots 
new town, Glenrothes, Fife, has 
been given a boost with the 
news that up to 200 new jobs 
could' be created in the next 
two years. 

The news was revealed yes- 
terday at the official opening 
of WSK Electrical on the 
Southfield Industrial Estate. 

Since last September, 40 
workers have been taken on by 
the company, a joint venture 
by Manchester-based Wylex and 
the Swiss concern. Brown 
Boverie. By the middle of next 
year WSK expect to employ 100 
workers, most of them women, 
and . -are confident the figure 
could rise to 200 within two 
years. . ' • 


Stock Exchange practices challenged 


BY JOHN MOORE, CITY CORRESPONDENT 


MR GORDON BORRIE. the 
director general of the Office of 
Fair Trading, has sen detailed 
arguments to the Stock 
Exchange to -explain why his 
office is taking it tn the Restric- 
tive Practices Court 
The Office first challenged the 
Stock Exchange’s business 
methods in 1979. The Exchange 
is now involved in one of the 
most expensive pieces of litiga- 
tion the City has ever seen and 
faces total costs which could rise 
up to £1.5ra. 


The Exchange has been forced 
to defend its rule book. Rules 
that brokers charge a fixed scale 
of commission, that jobbers (the 
dealers in stock) may not act as 
brokers, and that brokers may 
not deal with other brokers are 
particularly questioned. 

When challenged the Stock 
Exchange said that the action 
by the Government designed to 
include it in the Restrictive 
Practises legislation had been 
taken “with virtually no con- 
sultation." It was described as 


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ELECTRICITY SUPPLY COMMISSION 
(ESCOM) 


BU94 1971/1986 UA 20.000.000 
An Aorll 2. 1962. Bonds tor the 
amount or UA 1.105,000 have been 
drawn far redemotton In tf>« presence 
of a Notary Public. 

The Banda will be reimbursed coupon 
No. 12 and following attached on 
■nd alter June 11. 1982. 

The drawn Bonds are those. NOT 
YET PREVIOUSLY REDEEMED. In- 
eluded in the range beginning at; 

13B79 up to 1BQ27 Ind. 

Amount ourthis cd on Vie market 
UA 225.000. 

Amount outstanding: UA 5-370.000. 
Outstanding drawn Bonds: 

9274. 9277 and 927B. 9859 to 9BB2 
Kiel.. 9943. 9954 to 9957 Ind.. 3965 


to 9969 me/.. 9972 to 9975 Inc/.. 

#nd 10M2i 


9979. 10008. 10281 

10329 to 105S1 Ind.. 10336 and 
10337. 10355. 10378, 10383, 104P9 
and 10410. 10436 and 10427. 10433. 


1 0468 and 10469. 10473 and 10474. 
10477. 


. . 10703. 107B6. 10688 to 

iaaai ind.. logos, fagss to 10964 
I Ml.. 10966 to 10970 mrl.. 10980. 
11027 to 11035 Incl.. 11051. 11 QBE 
ana 11087, 11093 and 11094. 11 155 
and 11156. 11208. 11285 to 11289 
Ind., 11302. 11315. 11 321 and 11322. 
11357 to 11359 Incl*. 11458. 11477. 
11SJ7 to 1154J Ind.. 116SO, 11760. 
11904. 11949 to 11945. 11932. 

11965. 11999 and 12000. 1221a n 
122)6 Ind.. 12351 »i*1 12S62, 12327 
to 12529 Ind. 12607 to 12610 fad.. 
1ZR2A to 12628 Ind. I295BT to 
1 29HO Ind. 14200 ami 14R1T. 14*24 
to 14826 i-t.. I sags and IMoo. 
1 5518 and 1T.S49. 15738 to 15749 
ion.. 1S1ST to 15859 led.. 15671 
to 15675 Incl. 

The T- mt e c 

FINIMTRUST &*. 

Luxembourg - 
April 16. 1982, 


BANCO CENTRAL DE 
RESEKVA DE EL SALVADOR 


US.S1S million 
Floating Rate J 978/83 


The rote of interest applicable 
for the six months period 
begin ning on April 14th 1982 and 
set by the reference agent is 
17% annually. 


FINANCIAL TIMES 

PUBLISHED IN LONDON & FRANKFURT 


Hurt Offfca: The PtantM Thus LWtrt. Bncfcm Horn, 10 Chum Stmt, Lnrtoa CMP 4tY. 
Tribe 6154*71. T dew Urt ur t M —t 885033. Tatapwi: Fkanttoa, Lewdad.T drt*w: 01-2488000. 
FrwUstt Oflkr. TK FbnW Thm (Bwpa) U&, MutU tt i tr . 54, R4000 HrtKh Pfam-Wriw 3, 
WMt OffMCY, Tries: 4IUO, TriaphuM: 7598-01 ErituM: F tee fc wl ta e 73-61. Tries; 40082. 
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CANON INC. 


Advice has boon tecotfrt from Tokyo 
that the Board of Directors Hu 
declared a aamneitt of DIVIDEND of 
Van 6.00 ner iKar* for the six month* 
Err tod ended 31st Decambor 1981. , 


Holders of EUROPEAN DEPOSITARY 
RECEIPTS TO BEARER (SHARK 
EDR'sl wishing M claim this dividend 
In respect of the stares represented 
by thetr lhara EDR's should present 
Couoon No. 38 at the office or 
HILL SAMUEL dr CO. LIMITED. 
45. BEECH STREET. LONDON EC2P 
2 LX. where listing forms are avail- 
able. or BANQUE INTERNATIONALE 
A LUXEMBOURG. 2 BOULEVARD 
ROYAL. LUXEMBOURG. 


Payment In sterling will b* made 
at the rate of exchange ruling one day 
after prasentstloo. 


Holders Of BEARER DEPOSITARY 
RECEIPTS (SHARE 8 DR's) wbhfng to 
claim this dividend in rsspact of. the 


stares renresented try tor share 
t totceen No. 13 


BDR'i should present^ .. . . . 

at the office of HILL SAMUEL A 


CO. LIMITED. 45, BEECH STREET. 

whore listing 


LONDON EC2P 2 LX 
forms are available or. 


ALGEMENE BANK NEDERLAND 
N V. 

32 VUZEISTRAAT. 

AMSTERDAM. 

CITIBANK HA- 
111 WALL STREET. 

NEW YORK. 

N.Y. 10015. 

SOCIETY GENERALS, • ■- 

29 BOULEVARD HAU55MANN. 

‘ 75 PARIS ■- 

THE FUJI BANK LIMITED. * 

IMMERMANNSTRASSE 5 
4 DUSSCLDORF. 

XREDIETBANK SA 

LUXEMBOURGEOISt - . 

43 BOULEVARD ROYAU 
LUXEMBOURG. 

Payment will be mada In U-5. 
Dollars at the rate of axchanga ruling 
one dar after p i ona ntatlnn 

Jaoanei* Withholding T« at the 
rate of 20% wdl be deducted from 
the proceeds of the dividend, except 
In the cose el ho<dar* rosWeet (A the 
following eountrta*. 


ARAB REPUBLIC THE NEDERLAND 5 


NEW ZEALAND 
NORWAY 
SINGAPORE 
.SPAIN 
SWEDEN 
SWITZERLAND 
UNITED KINGDOM 
UNITED STATES 
OF AMERICA 
WEST GERMANY 


CF EGYPT 
AUSTRALIA 
BELGIUM 
CANADA 
DENMARK 
FINLAND 
FRANCE 

IRELAND 

ITALY 

KOREA 
MALAYSIA 

To obtain osrmeot under deduction 
Of Withholding To* at the reduced- 
rate of 15%. reorients of the -above 
countries must furnish a declaration 
of residence as required by the 
Japanese Ministry of Finance. . The 
declaration In respect of .holders, resi- 
dent In the United. Kingdom Is Incor*. 


porsted In the Itattaa 

For residents of ell other eOBBtries 
a iwarati. declaration meet be ,fw- 
ntshed. uhring the name and add rasa 
of the bemads! owner, the number 
and d«4nfu*e numbara of CDR'sIBOR's 
he'd. 0Pd attesting that he Is entitled 
tci the 5«4 Tax Rritaf Wwut to the 
Tax Convention bettCMff JBIII and 
the country concerned. 


Stare tORlBDR hoMers resident In 
the RonoMIc of Korea MN jMta 
oavtnent under deduction Of WKhboM* 
log Tax at the reduced rate o* 12% 
and residents of Zambia without any 
deduction subject to the provision et 
x declaration as set out abo**. 

Attention If draws to tor Act that 
the above mentioned concessions relat- 
Ino to Jaasneot W«thhold.ng Tax xroW 
only to coupons oreseatEd nr payment 
within • months el the record AIM. 
Thereafter tax will be deducted « 
the hill rate Of 20% am) It Will be 
the reSPonsItalffY Of the etntcr to 


claim from too Japanese Tax Autbort. 
' * ‘o Whli 


hleh'he H entitled. 


ties any refund to 

United Klndom Income Tax at rfie 
appropriate rate will be deducted from 
the proceeds unless the Coupo n sr g 
accompanied 6 y a United Klmram 
Affidavit o» Non-rcsldenca. * 

Poll Inforuutioa mas be obtained 
Itroai 

HILL SAMUEL -A CO. LIMITED, 
AS, Baedi SffrtC. 

London EQP 2 LX- . 


CLUBS 


EVE has oetflvcti th* others Msw« fa 

^ssii^ssr^s^'. 


PUBLIC NOTICES 


OLDHAM METROPOLITAN BOROUn 


£3,800.000 Bini^ l*MBd. l4to ^hwll 1.382 


at i2-’i*T% due iato July 

,000. No other Btila 


aopftcacfORs £29,508, 
outstanding 


"a political decision taken in 
too much ot a hurry." 

If the Office of Fair Trading 
action is successful the Stock 
Exchange fears the abolition of 
its jobbing system. In its 
statement of case lodged 'last 
year the exchange agreed that 
there were rules which coaid 
be deemed * restrictive ’* under 
the legislation but arspes that 
they are in the public interest 

The latest submission by Mr 
Borne’s office deals with points 
raised in the Stock Exobkoge’s 
statement of esse. - ■■ - - 


Carr Sebag 

partner 

resigns 


By John Moore. City 
Correspondent 


THE ECONOMICS partner 
and head of investment 
Strategy at stockbrokers Carr 
joined Gartmore Investment 
Management an investment 
group. 

Against a background of 
Internal management unrest 
at Carr Sebag. Mr Peter Scott 
aged 34, the firm’s economics 
partner, announced that he 
was leaving to Join Gartmore 
Investment Management as 
an international .investment 
strategist 

Mr Scott’s departure follows, 
Carr Sehag*s reassessment of 
Sts role in stockbroking and its 
decision . to sell W. I. Carr 
Song and Co.. (Overseas), the 
profitable Hong Kong business 
which it was forced to put up 
for sale. Exco. the. money 
broker group, bought a large 
stake in the Hong Kong busi- 
ness. 

Carr Sebag is ploughing the 
£3m proceeds from the sale 
into the loss-malting: UK 
operations. 

Mr Scott started working 
with Joseph Sebag 12 years 
ago before the merger of 
Sebag and W.I. Carr in 1979. 
He said yesterday that he had 
decided to move- to Gartmore 
as he did not see a future role 
in the firm onee it had severed 
its link on the international 
scene^ . 



Mr Tony Lewis - shows ' a 
galvanfsed^teel tape to- poten- 
tial mannfarinrerswho visited 
the- second- day yesterday of 
die Confederation of British 
Industry's Can Yon Make it*? 
exhibition at CHI head- 
quarters, -Centre Point. 
London. The problem for Mr 
Lewis, a divisional buyer 
with BICC, is that the hot 
dipped tape is. especially gal- 
vanised on the edges and he 


T favor Humaftrias 

•canno t find a maker of them 
in Britain. So be has to 
import ■ 150-600 . tonnes 
nrmnaHy from Belgium and 
France^. 

. Some SO large companies 
are displaying 600 items they 
now have to hoy abroad to 
representatives - of. smaller 
businesses invited to provide 
a UK source. The exhibition 
will close at lunch-time today 
bnt will visit other parts of 
Britain, this year. 


Chemicals demand 
stays depressed 


SY MARTIN DICKSON. 


DEMAND FOR chemicals re- 
mained depressed in the first 
quarter of the year and output 
is not expected to grow by more 
than Z . 5 per' cent for the year 
as a whole, says -the Chemical 
Industries Association. 

In its economic bulletin the 
association say? that chemicals 
output fell by 1.5- per cent last 
year against 1980, and that these 
weak trading conditions have 
continued into this year. 

Output and ' sales were 
seriously affected by bad 
weather and tbe extended holi- 
day period in January. Reports 
from companies suggested that 
there was only a modest im- 
provement in February and 
March, where any occurred. 

The bulletin forecasts that 
output will rise by 2.5 per cent 
in 1982, with all the growth con- 
centrated in the second half, 
and by 4.5 per cent in 1983. 

Industry profitability has im- 
proved from tbe low point in. 
the fourth quarter of 198Q be- 
cause of dramatic reductions in 
operating costs through plant 
closures, employment, cuts, re- 
duced stock levelsand invest- 
ment, and Improvements in 
operating efficiency. 


Product -prices remain ex- 
tremely weak, -particularly for 
bulk petrochemicals and poly- 
mers, reflecting poor demand 
levels, falling oil prices and sub- 
stantial spare capacity through- 
out -Europe. 


The association estimates' that 
exports rose by 7 per cent in 
value and 1.5 per cent in volume 
in 1981, while Imports increased 
by 8 per cent in- value terms and 
7 per cent in volume. 


• Demand for plastics tn' Wes- 
tern Europe will grow only 
slightly during the rest of the 
decade, says Mr Tom Hutchin- 
son, • chairman- -. of Imperial 
Chemical Industries’ Wert Euro- 
pean petrochemicals, operation 
and president of the .Association 
of Plastics Manufacturers in 
Europe. -• 


.Writing in the association’s 
annual report, he says that with 
total production of -bulk poly- 
mers in Western Europe 7 per 
cent lower last year than in 
1980, there were "encouraging 
signs'* that manv producers had 
curbed output "realistically*’ to 
bring it mores Into, line with 
market demand.. _ ... 0 . , 


for best 
staff Ideas 


Glasgow . brft&HgYeii .. 
GLASGOW AIRPORT, one of 
the seven owned Bad run by the 
British AirportiB; ; Authority, 
broke even fo rtbe first time in 
the -year -ended* March '81,' after 
a loss of £690,00 Oin the previous 
12 months. ■- EdinJjurBh. Airport 
cut Its losses^ bv £100.005, but 
-ended' the year £1.7m.in:the red. 
Aberdeen more than .doubled its 
previous . yearts profits -to 
£870,000,. Prestwickllost £3 bl 


LT New York deal 

LONDON TRANSPORT’S ~ con- 
sultancy service, .London Trans- 
port International;- has won a 
' £l.5m contract by the-NewYoTk 
Metropolitan \ ; Transportation 
Authority to adivse On the up- 
dating of train overhaul shops 
and depots. The LT learn will 

be headed by‘ Mr' : Clive.Kanlie, 
director of mechanical engineer- 
ing for the ; Londda under- 
ground/ ,' r -' . ; * TV • - ' 


Police call - r;' — • 
MR .TOITN- A7 JJERTONi tin his 
lasT working, day as jhief con- 
stable of Devon and . Cornwall, 
-called > yesterday Tor a Royal 
Commission mi the police. He 
foresaw^ such-.- a commission 
“during the lifetime of 'the next 
government. ” . c.-Mr Akferf on a 
proponent " of^ -community polic- 
ing hrhted that, after his retire- 
ment, he would have some harsh 
wordR'tfbr his^eritics, inside and 
outside tiie police force,. 


Telctex on way ^ 

-A- PILOT -teieter- service will 
-be started .this, summer hy 
British ^TeleySm, T-wKich- hopes 
to . launch ' a f ull . service in 
1954-85. .Teletext messages can 
be transmitted at 3,501$ words 
a minute, compared with 60 on 
triex. It can also .be used to 
send messages directly to a 
range of types of - office, equip 
meat \siich hs word processors 
-and. small computers- -• 


Better worker contact 
urged on print trade 


SY ALAN PIKE. INDUSTRIAL CORRESPONDENT 


A CAMPAIGN to persuade 
printihg companies to com- 
municate more effectively with 
their employees has been 
lauched by the National 
Economic Development Council. 

Management, trade Unions, 
and government representatives 
on the council's printing, 
industries sector working party 
have unanimously • endorsed a 
set of guidelines for better 
communication, having decided 
that, in most printing com- 
panies this is “inadeqiate # 

The sector working parly is 
convinced. closer.- .co- 

operation bewteen managements 
and workforces, based upon 
regular. information and. 
consultation, would help 


improve the printing industry’s 
performance. Among the items 
which it says should be com- 
municated is information on 
financial performance, orders, 
exports and investments. 

The guidelines suggest that 
at a minimum, methods of 
communication should include 
an annual presentation to all 
employees with a wirtten fin- 
ancial statement issued in 
advance, regular communication 
between small groups, meetings 
between management and em- 
ployee representatives to dis- 
cuss issues outside tire area of 
normal collective bargaining 
and appropriate training- 
Communicating for Success. 
NEDO , £5. 


Refuge Assurance rejects 
Ombudsman Bureau 


BT ERIC SHORT 


THE MANCHESTER-BASED 
home service insurance com- 
pany. . Refuge Assurance, has 
rejected the Insurance Ombuds- 
man in frpour of the alternative 
consumer insurance complaints- 
service, the Personal Insurance 
Arbitration Service (PIAS). 

Tbe decision was announced 
by Mr Patrick’ Smith, chairman 
of the company, in bis statement 
accompanying the 1981 report 
and accounts. 

The Insurance Ombudsman 
Bureau was established just 
over a year ago by three lead- 
ing insurance groups to provide 
an independent service to 
handle- insurance, complaints 
from the public. This move 
came after years of talks within 
the British Insurance Associ- 


ation had failed to produce con- 
crete plans for a complaints 
service. 

The formation of the bureau 
was criticised by other insur- 
ance groups which later estab- 
lished PIAS. using tbe services 
provided by . the Chartered 
Institute of Arbitrators. . 

In his statement. Mr Smith 
claimed that the bureau had 
been hastily set up without 
sufficient consultation and that 
it contained some undesirable 
features. 

Refuse, after carefully con- 
ridering both systems, preferred 
PIAS, : where the arbitrator 
acted in hi s professional 
capacity independently of. both 
the insurance industry and the 
consumer; ‘ * . ■ 


N ewspapep folds C 

THE STANDARD.: a 'Weekly 
-newspaper launched five weeks 
ago at Ilkeston. Derbyshire, is 
to glaserbecause.;of-pour sales, 
managing 'director Pauf Cowan 
said yesterday.: ; ? 7. ~ • 


New TV 6 dea^ 

VIEWERS of the BBC’s pro- 
posed direct satellite broadcast- 
ing serwees iti .the iqte I0SOS 
can exepet to pay £$ a week for 
them according to Mr Paul For 
managing director of Yorkshire 
Television and an opponent of 
the BBC scheme. Early Home 
Office studies, .suggested £10 a 
month for receiving equipment 
and £5 a month for. ; subscrip- 
tions. ’ . 


Healthy move' V . / ■ 

SQUIBB Surgicare, a leading 
manufacturer, of health cam 
products, is- to trensfer its oper- 
ations from Rei gate. ^Surrey, to 1 
Deeslde,- North -.Wales, the 
Welsh Development Agency an- 
nounced yesterday. - The com- 
pany has purchased a. 50.000 sq 
ft faetpry-on the agency’s Dee- 
side industrial park^' Shptton. 
.where It expects to employ 290 
workers by the- end- of tiir year. 


Philips ‘making progress’ on 3-D colour television 


BY MAX COMMANDER 


THOUGH . three-dimensional 
television in colour without use 
of special glasses might still be 
many years awaq. experiments 
were laying the foundation for 
an eventual system, said Philips 
research laboratories at End- 
hoven, Holland, yesterday. 

Dr Liong- Tan, departmental 
head- of the reaeardi labora- 
tories, said at a demonstration 


of Philips’ latest developments, 
whiled 


that while Philips had made pro- 


gress "there were 'still prob- 
lems," not only .technical, but 
in public acceptance. • 

Some British viewers will ' be 
able to watch halfran-hour of; 
the TVs science .programme. 
The Real World, on May 4 show- 
mg material . taken by the 
recently-developed Philips 3D 
camera. ; 

It is planned to distribute 
more than .500.000 pairs of red 
and ..green* glasses with TV 


Times 

West German television has 
made about four hours of 3D 
transmission at a cost of DM 
*00,000 (£188,000). A similar 
. transmission on Dutch television 
was the subject of a recent 
opinion survey. 

Of those questioned 35 per 
cent said they were “very in- 
terested” by 3D, 27 per cent 
thought Lt “'rather interesting” 
and 16 per cent didn't care. 


On picture quality, 42 per 
cent thought their - picture 
better, 29 per cent worse, and 
16 per cent had no definite'Feel- 
ings. 

Dr Tan said that 3D television 
was really “in a ehicken-and- 
CRg" situation. On., the one hand 
there was not enough material 
in stock to. offer a 3D service; 
and without material people 
would obviously not buy special 
receivers. 


Death benefits proposed for the needy only 


.BY HOC SHORT 


THE GOVERNMENT recently 
set out proposals for a com- 
plete -change in the Death 
Grant benefit— the latest and 
possibly the final move in its 
revision of the social security 
system. - 

The intention is that total 
benefit payments wlU remain 
unchanged, which Is in line with 
its policy, of curtailing public 
expenditure. . So . .Instead of 
spreading th& benefits - thinly, 
the revision aims at payment of 
realistic benefits to those in 
need. 

The Death Grant benefit- is 
presently only £30— tmduaged 
since 1967. lie original benefit 
In 1948 liras £20, so -wirfie pen- 
sions „ have been 5 regularly 
Increased and are nowi auto- 
matically index-linked, Deafti . 
Grants bare been virtually 
ignored by; both Tory and 
Labour -Governments. -. 

The result is that payments of 
the grant now run at about 
£17m a year while it costs £8m 
to administer the benefit. So a 
revision of some kind is long 


overdue. 

The Government's proposals 
start from the premise that the 
cost of a funeral Is the first 
legal charge on a deceased 
estate. So it considers that there 
is little justification for paying 
a Death Grant where the estale 
is more than adequate to meet 
funeral costs. So- the grant 
would be paid only to depen- 
dants, of anyone whose estate 
was below £1.500 — a figure the 
Government calculates as bring 
about four times the 'average - 
cost of a simple funeral. 

But tins i& not the . only 
restriction proposed for pay- 
ment of the benefit The Govern- 
ment then turns to the financial 
means of the person meeting 
the funeral costs of the deceased 
and it proposes that the grant 
should only be -paid. , tn people 
on tow incomes. But the. Govern- . 
meat wishes to -avoid a. direct 
means teat and instead offers 
three options: ' . 

• A grant of £250 in those 
receiving supplementary bene- 
fit or family income supplement. 


About "65,000 people would be 
eyigible each -year. 

• A grant of £HHL to those 
receiving supplementary bene- 
fit. or famiy income supplement, 
plus those on rent rebates who 
get rent allowances. About 
125,000 people would be 
eligible. 

• A grant of £200 to those pn 
supplementary benefit -or family 
income supplement plus those 
on rent rebates or rent allow- 
ances below tbe housing needs 
allowance. About 90,000 people 
would be' eligible. . 

The document setting out the 
proposals emphasises that oven 
at the outset the intention of 
the Death Grant -was that it 
should meet only part a£ the 
funeral expenses. 

The proposal- has. .aroused 
more opposition than any other 
change made or due to be made 
to tiie social security benefits. 
A - campaign . has been, under 
way for some years for payment 
of a realistic death grant to 
everyone. It should be £195 to 
maintain the original. 1949 


value. The formation, of the 
Dignity in Death Affiance is 
the result of this campaign. 

Mr David Hobman, director 
general of Age Concern .and 
chairman of tbe aliance, has 
pointed out that many old 
people are . deeply concerned 
about their funeral arrange-. 
menis. The desire, for a 
“decent-burial*’ is still deeply: 
ingrained: It is claimed that old 
people undergo severe financial 
hardship In order to. put aside 
enough money, to pay . for a 
funeral, and the sum. has to he*' 
constantly topedp up as funeral 
costs outpace inflation.-- ■ 

The alliance has rejected the 
Government’s whole- concept 
and reiterated its demands for 
a realistic Death .Grant -for 
everyone. ; - ■ 

The Death Grant,- A Consulta- 
tive Document Comments trg 
July 3i r l982'to the Department 
of Health and Social . Security 
(B2B-DG) Room 129, Friars 
House, 157-168/ Blacftfripn? 
Road; London, SEt .SEU. - 


GOVERNMENT .OF THE 
STATE.OF GOfAS 
SAN6AMENTO DE GOIaS S/A 
_ _ 5ANEAGO 

- BIDDING NOTICE 
PUBLIC- INTERNATIONAL 
HO No. 02/82— SANEAGO 
Sei.Odmenio Oft. - Golas ■ S/A • 
SANtAGU , hereby ' invite* all 
iflHiiina coiripania* in i>li pan 
- :mibUJ No; 62^62 tor *bo aupply of 
hytiidulic maunalr tor toe wpan- 
.eicn oi the water supply ayawm* 
ol'toa. cuiBB et. PWiALAflJDbA and 
othere of -this State.- - 
I ho hnenciar Hinas lor-tho-payoBot 
OI the chargee lesultinB-- from ton 
BID will be proindad by BNH - 
tne KeUonaV Housing BaiiK. by tha. 
Gov emm ant ol tbe Sun oi Gotfs 
through the -VJater . S««r 
Imanciag Fund"-- FAE-OO and by a 
lean taken by the ..BNH •• from Ita 
IntametiontL Bank" For RacoiUtrap- 
tion and-. Devslopmam - IBRD: Tho 
-contract- that aatablaha* ' the p*r- 
xiciDaudn of .the .BNH..and^in 
FAE-,150-.- in toe' subjoin of toe BID 
is CTN . No:^-_naOVai '.JUiCUted 
between the BNH and -the Banco 
do Estedo.da' Ggiis on Decani bar 
17, 1-881 : - - ‘ • 

The lota, ol m ate riels oL*to* BID 
and to* amount, of -the PartifiipaWJ 
Bond ter each Lot are. - specmao 
below: . : , 

Lot Description Arnotfm or 

1 PVC pipes end - CrS300.000 

; JI . Ptortcertiepr ; - ;-Cr$ IS, 000 
sleeves 'and.'- <■ . • 

. connection* _ 

j III Cast iron .OS Za*> 

connseobns 

Th* ; BI0 n opwi to Braxlfien eoff- 

pan ms and to C9/llP.4ni4» town 
other IBRD ntember eountrte#, »n>m 
Switzerland end TflVrtn'. , , 

-The maximum period* w 

delivery of - .the -aupollW 8» »» 
hundred end -twenty- (12W , con * 
seedtive days for ti»t I *n» ”jrry- 


fivt .(45) tronaataKiYe’day* for Lot* 


ilriw ... 

■The BIO jdocuftioimi, rncludloj tn« 
applicable . conditions, will be at 
.Ote dispwarof any Intematae coin- 
‘'denTse fix - consultation or 
tlon, «t the* Pennanenj Bidding 
'Commfssion -«t - SANEAGO'* -'hwo 
.bffle* at AdajtidB . F/' Jio. SO. 
Setor-JardUn Uol6s. fiethaia. State 
: of 'Goiis. Sraail, from. Mwch 16 » 
“Aprtt'ET.'TSBS,’ from 8.00. to tiff 


a.m.'and from. £Q0ta. 4.00' pjn 
The bids nnauld r 


bo delivered 
raom-.floi.80S at «ANEAQ0'5 h»« 
office" on April SO, iasz -et 3m 
p.mi *-r. pubiic meetitig. 
the Pemnnent Bidding. Conu mMien 
of SAfiEAGO.’ 


Geiahte.- 


, (eptn'JOBo Gulmeije* defrtoMj 
■ Technical -Dir*** 

SEEN:, ... .... . 

-f*gd>”Jba6 Ubaldo Talse - 
Director President - ; 




of 

V 


BRITISH Steel Co^raidon, 

which is h»mg nearly : £3m a 
week, is offering a; Metro 
eveir tfiijee momM' H to the 
employee wft6 puts -forward the 
suggestion jutiged test. by.-a 
panel of -managers. The :Jtinj 
fifetio is jnanfe'-ay BK Ariticfa' is 
losing . nipre. than a week, 
^ie H auttoouggestiori ; Scheme is 
,<yu4. : forbe th?. idea-' Mr Ian 
SfasGregori theJBSCT cbairoiaa." 


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THE 505 ESTATE- AND FAMILY ESTATE. 3 MODEL OPTIONS, For the address of your nearest dealer check YeHowPages. Diplomatic, Nato'and 
personal export inquiries Peugeot Park Lane, 63/67 Paris Lane London W1Y -3TE. Tel: 01-499 5533. Price correct at time of going to press. 
* Official Government fuel consumption J©jres.505GL Uitsan cyder 25 mpg CL3L/I00Km). constant 56mph: 38.7 mpg (7.3L/100 Km), constant 75mph: 
29.4 mpg (9.9-rt00Km)-505 FAMILY. Urban cyde: 24.8 mpg 0L4L/K0 Xm], constant 56 mpfc4Q-4 mpg(7.0t/l00 Km} , constant 75 mpfc 29.4 mpg (9.6L/1Q0 Km] . 


TAKE PRIDE IN PRECISION 


Financial Tunes Friday ApnJ 16 lyo2 


UK NEWS 


group warns of 
long-term damage 

8Y NICK. GARNETT. NORTHERN CORRESPONDENT 


THE GROUP of Eight, which 
represents a wide range of in- 
terests in the eons traction 
industry, warned yesterday that 
In the North of England skilled 
tradesmen were being perma- 
nently lost, insufficient replace- 
ments trained and. entire con- 
struction teams broken up. 

The group and the North of 
England . County Councils 
Association (Necca) issued a 
joint statement saying that 
when the Industry showed signs 
of a prolonged improvement it 
might have to make do with ill- 
trained employees and sub- 
standard materials. 

The two bodies are seeking 
an easing of restrictions on 
local authority spending in. the 
region. 

She warning follows, an 
approach by the Group of Eight 
to Necca for support in a cam- 
paign to generate life in the 
construction industry. It re- 
flects the severity of the reces- 
sion within the industry in the 
North compared to the rest of 
Britain. 

The association covers five 
county council areas — Cleve- 
land, Cumbria, Durham. 
Northumberland and Tyne and 
Wear. 

In these areas. 40.000 con- 
struction workers — 40 per cent 
of the industry’s regional work- 
force — are ont of work. The 
national figure is 25 per cent. 


Commissions placed with 
architects in the North fell by 
10 per cent last year, though 
nationally commissions were up 
8 per cent on the previous year. 

Northern producers of bricks, 
sand and cement have been 
reporting falling sales and the 
risk of further redundancies. 
There has already been a 28 
per cent reduction in the con- 
struction trades apprentice 
intake. 

14 Nationally. there is 
beginning to be an upturn in 
construction but it is not 
happening in the northern 
region.” the Group of Eight, said 
yesterday. 

The industry's difficulties 
" can largely be put down . to 
successive spending cuts. Tf we 
are to avoid serious problems 
in the near future then we need 
a steady, if reduced workload 
that we can plan to.” 

The Group of Eight is taking 
its campaign to the North’s 24 
district councils and to MPs 
after securing the backing of 
the county councils. 

Sir Maurice Sutherland, 
leader of Cleveland County 
Council and chairman of Necca. 
said the association’s members 
“are severely constrained by 
limits on our borrowing powers. 
In particular, we have great 
difficulty in planning projects 
over more than just one year.” 


Consultancy company 
to aid job creation 


BY LORNE BARLING 

A SCHEME to assist local 
authorities and other organisa- 
tions in stimulating industrial 
development and employment in 
their areas was launched 
yesterday by PA Management 
Consultants. 

It has set up a special group 
within the company, called PA 
Creating Employment (PACE), 
which will operate mainly in 
the Midlands, the North of 
England. Scotland and North- 
ern Ireland. In the Midlands 
30 experienced consultants will 
be employed. 

Mr Stewart Anderson, who is 
beading the new group, claims 
that local authorities can bene- 
fit considerably, from profes- 
sional advice -on- - how to 
attract new companies ■ and 
create jobs in a number of 
ways. 

He was chosen to set up 
PACE after helping to create 
about 500 new jobs in Glasgow 
through Clyde Workshops and 
helping BSC (Industry) to deal 
with the rundown in steel 
plants in the area. 

“PACE will define the local 
problem and then identify ways 
of solving it. ' This will be 
done through a fast but de- 
tailed study, giving positive 
recommendations on practical 
steps to be taken quickly," he 
said. 

Mr Anderson expects a strong 
demand for this service in the 
West Midlands, where unem- 
ployment has risen to nearly 20 
per cent in some areas and 
many local authorities are 
seriously concerned about the 
position becoming even worse. 

PA believes that its close 
links with industry, developed 
through many years of man- 
agement consultancy work, will 
aHow PACE to help in promot- 


ing closer liaison between local 
companies to assist growth 
through mergers, de-mergers, 
and other intercompany deals. 

It will also be looking for 
large investment projects to 
place in suitable areas, but it 
is stressed that PACE will adopt 
a subtle approach at a time of 
fierce competition for inward 
investment. 

The company points out that 
through its large staff abroad 
it is in dose contact with 
industry in many parts of the 
world and is .therefore in a 
good position to advise on where 
new factories should be located 
in the UK. 

Mr Anderson regards the role 
of existing industry in stimu- 
lating local growth 3S vital, par- 
ticularly in partnership with 
public sector investment. A 
joint ' approach of tbic kind, 
involving the Industrial and 
Commercial Finance Corpora- 
tion. has recently been- made 
in Birmingham. 

PA also believes it can help 
both new and existing conv 
nanie« In product development 
by using the group’s engineer- 
ing “think-tank.” which ooerates 
laboratories and technology 
centres on both sides of the 
Atlantic. 

This is seen a* particularly 
relevant to companies faced 
with a declining market for 
their existing product ranges, 
which foresee a substantial loss 
«f jobs unless new products can 
be developed. 

PACE’s services are also 
being offered to nationalised 
industries whit* see the likeli- 
hood of lar^e-scale factor?* 
closures or rationalisation, and 
to property and industrial de- 
velopment companies seeking 
new investment opportunities. 


‘Mare regional incentives 
needed for small firms’ 

BY ANTHONY MORETON, REGIONAL AFFAIRS CORRESPONDENT 


regional incentives 

could be redesigned to make 
tilem more relevant for small 
concerns, thus making a signi- 
ficant contribution to the 
growth of this sector in 
problem areas. 

Mr Kevin - Allen erf the 
University of Strathclyde made 
this suggestion yesterday m a 
paper on recent trends in Euro- 
pean regional incentive policy 
submitted to the London con- 
ference of the Regional Studies 
Association on The Changing 
EEC Context for Regional 
Development 

Mr Allen told the conference 
that the dropping of size restric- 
tions discriminating against 
small companies and the, intro- 
duction of a. two-tier application 
procedure with a simplified 
application process had much tn 
commend them. 

He suggested that informa- 
tion and advice services avail- 
able in problem regions could 
be improved- "There is little 
doubt that many firms, and 
particularly small firms are 


ignorant about the aids on offer 
or else harbour such miscon- 
ceptions as to (wrongly) con- 
sider rhemeslves ineligible." 

Regional incentive policies in 
the Community had recently 
changed for the worse, he said. 
There had been a “very strong 
more” towards cuts in the last 
five years. 

The number of areas eligible 
for assistance had been reduced, 
with Denmark and Britain two 
of the first countries to intro- 
duce cuts- Significant changes 
had also taken place in West 
Germany. Belgium and Italy. 

Mr Allen said that between 
1975 and 1979 regional incentive 
expenditure had increased 
overall. Since' then there had 
been a general decline. 

This downward trend had 
occurred when the regional 
problem urgently required 
more, -not fewer,, resources, he 
commented. Bui be .admitted 
that even when the trend was 
upwards regional policy was 
not enough to stop deterioration 
in the scale of the problem. 


Teachers vote to end caning 

BY MICHAEL EXXON, EDUCATION CORRESPONDENT 


THE BANNING of corporal 
punishment in aft state schools 
by 1984 was demanded by the 
National Union of Teachers’ 
conference in Scarborough yes- 
terday. 

Although opposed -by. the. 
NUT executive, the resolution 
was passed overwhelmingly. It 
marks a complete Change of the 
union's policy and iutraots the 


executive to press local and 
central Government "for the 
replacement of caning by other 
sanctions. 

But the NUT'S main rival, the 
National Association of School- 
masters and Union of' Women 
Teachers, decided also over- 
whelmingly at its conference, in 
Blackpool that whether or not 
to use the cane should "be left 
to teachers* own discretion. 


Britannia in 
bid for Laker 
share stake 

' By Alan Friedman 

BRITANNIA AIRWAYS, the 
major independent airline, 
owned by the International 
Thomson Organisation, is a 
leading contender for the 50 
per cent share stake of Gat- 
wick Handling now controlled 
by the receivers of Laker Air- 
ways. 

Mr Roger Davies, managing 
director of Thomson Travel, 
said yesterday that an offer 
bad been made to Mr Bill 
Mackey and Mr Nigel Hamil- 
ton. the Laker joint receivers. 
“We are in discussions with 
the receivers and we hope the 
matter will be settled shortly” 
said Mr Davies. 

The stake in Gat-wick Hand- 
ling-Dan-Air owns the other 
50 per cent — is Laker Air- 
ways last remaining major 
asset apart from its aircraft. 

It Is expected the purchase 
price of the Gatwick Handling 
stake will be about £500.600. 

The sale reouires' the 
approval of the British Air- 
ports Authority (BAA). The 
BAA monitors such deals to 
ensure that the purchaser is 
of solid financial standing. 
The- BAA also needs to be 
assured that there are no 
monopoly implications. 

Britannia Airways, which 
specialises in charter tours, 
uses British Airways’ baggage 
handling services for most of 
its activities. 


Bus group that took a private road to ruin 


BRITAIN'S FIRST experiment 
in subjecting municipal trans- 
port to a more bracing competi- 
tive dimate has ended in 
disaster — for the challenger. 

CK Coaches of Cardiff was the 
first private bus operator to take 

advantage of the Conservative 
Government's 1980 Transport 
Act and break Cardiff City 
Council's 50-year-old bus mono- 
poly. Now. a year later. It has 
been forced to admit defeat. 

. It abandoned its services last 
month and handed back its 
operating licences to the Traffic 
Commissioners. 

CK went into receivership 
with debts of at least £70,000 — a 
record which could make other 
operators think twice before 
taking on Cardiff’s transport 
department. However, it seems 
another company. Swanbrook 
Transport, based near Glouces- 
ter, plans to apply for the same 
routes as CK. provided it can 
negotiate the purchase of CK’s 
garage depot facilities in Cardiff. 


Robin Reeves reports, on a failed Cardiff venture 


Swanbrook helped CK in its final 
days. 

CK’s year of operations was 
accompanied by political rows 
and allegations of unfair com- 
petition. There were claims the 
the city’s transport managers, 
under .orders from their Labour 
masters in. the city, ball, were 
saturating CK’s routes with 
extra buses in order to strangle 
the experiment at birth. 

Even so, it. seems CK’s 
strategy for capturing a profit- 
able share of Cardiff's bus- 
travelling public turned out to 
be wrong. . The company 
assumed that a profitable busi- 
ness could be .established by 
building passenger loyalty 
through -cheaper fares and 
better service, notably through 
the use of conductors. 

CK used five second-hand 
buses and non-unionised labour. 


and began by securing licences 
to operate two services. The 
company took traditionally 
profitable routes between the 
city centre and two Cardiff 
suburbs, at faxes between 25p 
and 30p. In -each case the fares 
were I4p less than the city’s 
-public transport. CK also 
offered an off-peak flat-rate fare 
of 20p from Monday to Satur- 
day. 

CK competition appeared 
within weeks to be having the 
effect- desired by the Govern- 
ment. The city’s own cheap 

fares system was revamped and 
a fiat-rale, off-peak fare of 2Qp 
was introduced. This was not 
quite as generous as CK’s system 
because the flat fare lasted for 
half an hour less each day than 
CK’s, and did not apply on 
Saturday. 

The city transport managers 


insist that their fare changes 
had nothing to do with CK 
rivalry, but were a response lo 
the effects of the recession. 
Passenger numbers were fall- 
ing and something had to be 
done to encourage more pas- 
sengers, even if it involved 
risking greater losses. 

Evidence of CK's difficulties 
began to emerge at the begin- 
ning of this year, soon after 
the company was refused per- 
mission by the Traffic Com- 
missioners to extend its rivalry 
to the city's most profitable 
route- The commissioners 
accepted the city's argument 
that it would undermine the 
cross - subsidisation which 
covered its loss-making, buses. 
It is doubtful, however, that a 
new route at that stage would 
have been sufficient to stop 
CK’s mounting losses. 


The city transport depart- 
ment has been staggered by the 
size of CK’s losses. ■ The Com- 
pany's admitted deficit (eve- 
higher Josses have bee;- 
ruraoured) of £70,000, work-- 
out at a loss of £14,000 a bus. 

Mr Ian Treveue, Cardiff 
transport's deputy gene re 1 

manager, said the city’s moni- 
toring of the routes were CF 
. was competing, concluded th.r 
rivalry failed to brreig in more 
passengers. The same number 
were spread, between the tv 

The experiment will sta~ 
again soon, assuming Swar 
brook succeeds in its bid : 
replace CK, and the compar 
evidently has a good trac* 
record. 

But Cardiff’s CK experienc" 
suggests there are no rich, 
easy, pickings to be made h>- 
breaking Krto the more profit- 
able routes, even of raunicip- 1 ’- 
transport monopolies. In othc- 
words, running buses is not a 
profit-spinning business. 


Women tend to reject ‘typical housewife’ role in advertisements 


BY BELINDA NENK 

WOMEN RESPOND more 
favourably to advertisements 
which portray them as modern 
and independent rather Thao 
those which depict them m the 
traditional role of housewife, 
recording to the Equal Oppor- 
tunities Commission. 

According to Adam and Eve, 


a report' published yesterday by 
the commission, advertisements 
which show women leading up- 
to-date and diverse lifestyle are 
likely to sell more products 
than those using a more tradi- 
tional approach. 

More than : 600 women from 
a wide variety .of social back- 
grounds were questioned about 


pairs of advertisements — tradi- 
tional and modern — for four 
products: Camay toilet soap. 
Persil automatic washing 
powder. Contour wallcoverings 
and the Daily Mail. 

The majority of those inter- 
viewed preferred the modern 
treatment in all cases except 
that of the Daily Mail, for 


which neither advertisement 
was found very effective. 

The role portrayal most criti- 
cised for its unreality, falsehood 
and stereotyped nature was 
that of the “ typical housewife.” 
But it was the way it was por- 
trayed rather than the role it- 
self which was disliked. The 
more realistic and the less 


stereo typed it was. the more 
effective its power of communi- 
cation. 

The report concludes that 
modern liberated roles are 
much more effective than tradi- 
tional ones. The more natural 
and realistic the portrayal, the 
belter. 


rVj&iV - • v * * v 


They said it would be hard to 
improve on the outstanding Peugeot 
505 Saloon. Yet the new Peugeot 505 
Estate marks an even finer 
achievement. 

~ THE LARGEST . 
LOADSPACE AVAILABLE 

The new 505 GL and GR 
provide a massive 79 cu ft 
of load space, with a perfectly 

intrusions. No other estate 
available in Britain today’ 
gives you so much space. 

THE BEST FUEL 
ECONOMY 

Despite its size, the 505 
GL can easily achieve 25 mpg* 
on the urban cycle, which 
surpasses the touringfigureformost 
othCT large estates. 

And the 505 Family is capable of 
an incredible 40.4 mpg* at a constant 
56 mph. No other range of large 
estates offers such outstandingfiiel 
economy. 

^AlfiNTIQUE 8 SEATER "FAMILY" 
MODEL 

The 505 Family model is the only 
estate car to offer 8 forward facing 


seats with both rear sets of seats able 
to fold flat so that the entire area can 
be converted to carry toads. The first 
set of seats is split into one single and 


one double, which fold independently, 
giving remarkable seat/toad 
versatility. No other estate car gives 
you such flexibility. 

PEUGEOT DESIGN 
EXCELLENCE ; 

The name Peugeot is 
synonymous with design excellence. 
The 505 Family Estate fully reflects ■ 
this and boasts a level of refinement 
that is hard torivaL 


Power steering is standard and . 

an msrt r irmprit. panel with tin toss than 
fourteen separate functions adds up 
to total driving controL 

There's an intern- 
alheadlamp adjuster 
which varies the 
angle of theheadlamp 
beam, to compensate 
forvaryingloads,and 
even an econoscope 
so that the drivercan 
ensure fuel is used 
efficiently. 

With sumptuous 
tweed upholstery 
and a special air 
ducting system which 
heats and ventilates 
all parts of the car 
evemy, passenger comfort is 
unsurpassed. 

The massive glass area and pan- 
oramic heated rear window, complete 
with wash/ wipe, provides the ult ima te 
in all round visibility. 

Peugeot have designed the car 
with the utmost precision, even 
the spare wheel is located beneath the 
rear load area for easy access. 

• No other laige estate gives you 
such a high level of refinement 


PEUGEOT ESTATE CAR 
HERITAGE 

Only Peugeot have a true estate 
car heritage. 

We spend three years designing 
and testing our estates with 
particular attentionto wheelbase and 
suspension engineering - not simply 
an adaptation of the existing saloon 
configuration. Whether fully loaded 
or not we have ensured that the 
handling, comfort and ride remain 
excellent 

Each car and its components is 
thoroughly tested by a quality control 
team representing over 12% of the 
workforce. 

So we feel confident in offering 
the Peugeot six-year anti-corrosion 
warranty on all our models. No other 
manufacturer can claim the same 
level of estate car expertise. 

PEUGEOT 
VALUE FOR MONEY 

We believe that a 505 Estate is 
the finest you can own. Prices start 
from just £7,199. 

Look up your local dealer in 
Yellow Pages. He'll be happy to 
demonstrate the unique Peugeot 505 
Estate range. 






10 


UK NEWS - LABOUR 


Financial Tunes Friday AprU -16 19S2 : - 

| APPOINTMENTS 


Fears over quality of civil servants 


BY DAYID GOODHART. LABOUR STAFF 


Roadline 
faces fight 


THE QUALITY.. of recruits to 
Ihe high-flying administrative 
trainee grade of the Civil Ser- 
vice lias Fallen in recent years, 
according to. the latest evidence 
to the Megan* inquiry into Civil 
Service pay. 

A report on recruitment and 
retention by the management 
and personnel office of the Civil 
Service says : “ There has been 
along-lerm decline in the num- 
ber of candidates given the top 
mark in the competition." 

The JiPO also points to in- 
creasing recruitment difficulties 
in some specialist grades, in- 
cluding electronic engineers, 
nuclear installation inspectors 
and- computer scientists. 

“ Shortages in these and 
other grades have a dispro- 
portionate effect on the abilily 
of the service to perform its 


statutory and n on-statutory 
obligations," says the report. 

The Council of Civil Service 
Unions says this new evidence 
knocks a hole in the Govern- 
ment’s recruitment strategy. Mr 
Peter Jones, secretary of the 
council, said the report con- 
firmed worrying losses among 
Civil Servants with more than 
two years’ experience. 

“Looked at over the last 10 
years, wastage has not changed 
much, which shows the Govern- 
ment cannot just rely on ahi 
employers' market to provide a 
more efficient use of labour," he 
said. . 

Depressing the pay and condi- 
tions of Civil Servants did not 
pay in the long run, because the 
expensive training in specialist 
grades would be wasted when 
they moved job." Mr Jones said. 


He added that many " bright, 
young, Oxbridge graduates have 
been put off the Civil Service 
because of the Government’s 
continual denigration of public 
service.” 

The recruitment of good staff 
into the executive officer grade 
was becoming harder. “The 
report shows that nearly 500 EO 
vacancies were not filled last 
year because of the low calibre 
of applicant.” 

High voluntary resignation 
rates are still concentrated 
among staff of less than five 
years’ service— they, accounted 
for 70 per cent in 19S0, says 
the report 

It shows the overall resig- 
nation rate fell to about 4.2 per 
cent last year compared with 
6.1 per cent in 1980, 8.8 per cent 
in 1878 and 8.4 per cent tn 1978. 


The voluntary resignation rate 
was 25 per cem among clerical 
officers under 25 in 1979. . 

Statistics on wastage from 
1980 show that .voluntary resig- 
nation accounted for 61 per cent 
of all leavers, age retirement 
28 per cent and death, ill health 
inefficiency, redundancy and 
dismissal 11 per cent. 

The CCSU believes it is 
timely that the report has been 
published just before the arbi- 
tration hearing on their pay 
claim next Monday. The 550,000 
non-industrial civil servants put 
in a claim for a 13 per cent pay 
rise and the Government offered 
between nought and 5 per cent. 

The report highlights other 
problem areas for specialist 
recruitment, including: vets, 
seismic interpreters, accoun- 
tants. electricity meter /exam- 
iners and mine inspectors. 


over pay 
and jobs 


By Brian Groom, Labour Staff 


BBC TV 
work-to-rule 


Officers resist Sealink pay cuts 


BY IVO DAWN-AY, LABOUR STAFF 


may spread 


By Ivo Dawnzy, Labour Staff 
A 1VORK-TO-RULE hv about 
inn journalists at BBC tele- 
vision news may spread to 
the corporation's national and 
local radio stations. 

A meeting of National 
Union or Journalists' Broad- 
casting Industrial Connell 
decided yesterday to order 
mandatory meetings of mem- 
bers across the country to 
discuss action over pay and 
conditions. 

The journalists began an 
indefinite work-to-rule yester- 
day in response to a 6.5 per 
cent pay offer. They are 
refusing to cover for absent 
•staff or to “ act np ” by stand- 
ing in for senior colleagues. 

Mr John Foster. Nlit 
national officer for broadcast- 
ting. said (hat the dispute at 
BBC Television Centre under- 
lined wiilesnread bitterness at 
the management's failure 
to tackic long-standing 
grievances about pay and 
hours of work. 

BBC journalists were paid 
between 30 per cent to 75 per 
cent less than those in simDar 
gr?de« in indenendent tele- 
vis?fn and radio companies, 
he said. 

The BBC said that informal 
contacts were continuing with 
.renrna lists’ leaders and the 
corporation was prepared to 
discuss the problems' as a 
matter of urgency. 

Television news broadcasts 
would not be disrupted 


MERCHANT NAVY officers at 
Harwich yesterday voted by an 
overwhelming majority to resist 
any attempt by Sealink UK lo 
impose pay cuts and change 
working practices without con- 
sultation with their union. 

A meeting at the Harwich 
ferry- terminal accused the com- 
pany of “incompetence and 
ineptitude" and demanded an 
independent inquiry into the 
management of the business. 

Mr Nick Lorentzen, chairman 
of the Merchant Navy and Air- 
line Officers' Association Mason 
committee, said the men would 
not actively prevent the close- 
down of one of the two Harwich 


Dunkirk train ferry services- 
scheduled to go ahead on Sun- 
day. 

Seal ink’s plans disclosed 
earlier this week include pay 
cuts for officers and ratings and 
up to 380 redundancies. 

The proposals would reduce 
officers' pay by more than 10 per 
cent and cut annual leave by 
14 days. The National Union 
of Seamen estimates that 
bo’suns' total weekly earnings 
of £251 will be cut by £34. Able- 
seamen's wages — £175 per week 
—will be reduced by £29. 

Mr Lorentzen said' the officers 
were "more than happy" to 


talk to the British Rail subsi- 
diary about reorganisation of 
the service, but they were not 
prepared to accept imposition of 
the plan. 

Sealink management will 
meet representatives of the NUS 
on Monday and talks with the 
MNAOA are expected to take- 
place later in the week. 


The company said Iasi night 
that the unions had been 
notified some time ago that 
agreement on reorganisations 
plans would be sought. "We 
are bopeful that the unions will 
accept that the changes are 
necessary," it said. 


OBITUARY 


Terry Parry — firemen’s strike leader 


BY JOHN LLOTD, LABOUR EDITOR 


MR TERENCE (TERRY) 
PARRY, who died yesterday 
aged 60, had been secretary oi 
the Fire Brigades Union since 
1964. 

He was president and chair- 
man of the TUC in 1980. and 
chairman of its Social Insurance 
and Industrial Welfare Com- 
mittee for eight years until 
19S1. 

Born at Conislon. in the Lake 
District. Mr Parry joined the 
lire service in 1946. He was 
created CBE in 1976. A year 
later he became a household 
face and name when he led the 
nine-week firemen’s strike from 


November 19/ <. to January 197S. 

A consistent Left-winger. Mr 
Parry was widely respected in 
the trade union movemenl and 
beyond it for his work on health 
and safer*' issues, in which his 
knowledge and experience were 
acknowledged to he wide. 


secretary, said last night: 
"Terry was a man of the people, 
and always for the people." 


He was much liked for his 
quick wit, deployed to full effect 
during his successful chairman- 
ship at the 1980 Trades Union 
Congress, where his perform- 
ance, was the more impressive 
because of the considerable pain 
he was under. 

Mr Lc n Murray. TUC general 


" His deep practical under- 
standing of the needs of 
ordinary men and women, his 
compassion and instinctive total 
commitment to winning them a 
better life were always his 
guides ot action." 


Mr Ken Cameron, who suc- 
ceeded Mr Parry last year as 
general secretary, said: " Terry’s 
death is not only a tragic loss 
for the union, but for the whole 
of the trade union movement in 
this country and abroad." " 


ROADLINE, the parcels 
business of the recently de- 
nationalised National Freight 
Company, may face a clash 
with lie NFC’s biggest anion 
over possible depot closures 
and job losses, as well as pay. 

The threats come from the 
Transport and General 
Workers’ Union, which 
opposed the buy-out of the 
NFC in February by a con- 
sortium of managers, staff 
and pensioners. 

Regional union delegate 
meetings have overwhelm- 
ingly rejected a “final" pay 
offer of 5 per cent on basic 
rates to Roadline’s 3,000 
drivers and other operating 
staff. 

A- variant of the - offer 
would give 6 per cent to 
drivers and 3.7 per cent to 
other grades. Bonus pay- 
ments are also under 
discussion. - 

The TGWU wants a further 
meeting with the company, 
likely within p fortnight The 
union will consult members 
on industrial action if no 
improved offer is made. 

Industrial action would 
involve some 1 TGWU mem- 
bers who have bought shares 
in the company. ■ 

The union, which helie.ves 
the buy-out did not establish 
a true co-operative and did 
not safeguard the interests 
of worker shareholders, has 
warned them that they may- 
face redundancy. 

Mr John Moore, TGWU 
regional officer, said RoadUno 
planned to close its City Road 
branch in London, which has 
some 250 workers. Senior 
shop stewards have voted to 
resist any closures by all 
possible means, including 
refusal to accept work trans- 
ferred to other depots. 

Roadlinc said yesterday 
that it had no firm plans to 
close City* Road, though this 
had been discussed as . a 
possibility.' If it did close 
there would be opportunities 
for workers to transfer to 
other depots. 

Shares have been bought by 
8.937 managers and em- 
ployees of NFC and members 
of their families. It has 

26.000 employees. ^ 


FT COMMERCIAL LAW REPORTS 


Digest of cases reported in Hilary Term 


FROM MARCH 9 TO APRIL 7. 1982 


Commissioners of Inland 
Revenue \ Melrolands (Property 
Finance) Led (FT, March 9) 

The question at issue Was 
whether Metrolands. after 
receiving a compliance notice in 
answer lo its purchase notice 
served on (he local council, and 
having subsequently agreed to 

I lie com pensa lion offered, was 
liable Tor development land lax. 
The Law Lords held that the 
transaction amounted to much 
more than a mere offer and 
acceptance fnrming a contract. 

II was land acquired compul- 
sorily under the Planning Acts 
and therefore liable to DLT. 
Western Scalane* Corporation 
v L'nimarinc SA (FT, March 10) 

When i he Pyihia collided with 
another ship nisi short of Its 
port of discharge, the parties 
a 7 reed to pul un funds to cover 
iVjo rnsl i*F diM-hartim: the carno 
slf nn hoard, leaving the ulti- 
r,.nle re>nnnsibili1> to be sullied 
later. The owners maintained 
that the costs ought lu be borne 
hv the timecharlerers as Ihe shin 
v/as at her discharging place, 
while the charterers contended 
that the owners were respon- 
uhle as ihe voyage was iynm- 
plete. Mr Justice Goff held that 
ihe charterers had given no 
express order designating a new 
•ItM-hf/rcine plare and were under 
no obligation to do so. They 
were therefore not liable for 
»he costs. 

The Garden City (FT, March 12) 
t’ndpr the Merchant Shinning 
Art ISM. liability for loss is 
limited unless lhc actual fni'l* 
>*r privity ** nf the shinowncr is 
p'-overi. ’ This, the Admiral t* 
rouri derided, is primarily an 


issue of business management 
and not of navigation. When the 
Master and the ship’s third officer 
were at fault in a collision 
at sea in fog. il was not the 
shipping company's “ dirccUnn 
mind’’ that was lo blame. The 
stale-owned. Polish shipping 
company had reached the 
standard required of a reason- 
able and prudent shipowner in 
the circumstances. 

Tradax Export SA v Dorada 
Com pallia Navierst SA (FT, 
March 16) 

When can the owners of a 
chartered vessel invoke the 
“ Draconian sanction ” of with- 
drawal ? The owners of the 
Lutetian had withdrawn their 
ship after the charterers, who 
were under a contractual obliga- 
tion to pay one mouth's hire in 
advance, first deducted for an 
off-hire period when the vessel 
was under repair. The Commer- 
cial Court accepted that the 
parties intended the owners to 
be secured by payment in 
advance -for hire which they 
would or might earn; it was not 
their intention that they should 
be secured for hire that they 
would never earn. 

Excess Life Assurance Company 
Limited v Fireman’s Insurance 
Company of Newark (FT, March 
17) 

Excess insured itself for the 
dishonest or fraudulent acts of 
irs “employees or -agents" with 
the defendants. When Excess 
discovered that a group of 
brokers had been selling sham 
nolieies on its behalf, it turned 
lo Ihe insurers for an indemnity 
against the loss. Mr Justice 
Webster held that there was 


RACING 


BY DOMINIC WIGAN 


PARRY HILLS produces 
.mother highly rated filly in 
Slizhtlv Dangerous ai Newbury 
this afternoon. U will be in- 
teresting to see how this once- 
■^.tred daughter of Roberto 
fares against Stratospheric in 
Ihe Fred Darling. 

The two should dominate 
this seven-furlong trial, and 
Slinhtlv Danwernus will test the 1 
Arundel filly, if her pedigree 
and race course promise of last 
voir are anything to go by. 

Slichtly Dangerous is ■ the 
rang'' daughter of Where You 
Lead, who chased home 
Mvsterinus in the 1973 Oaks, and 
a grand-dtmefiKT of Noblesse, 
the oulstandine Oaks winner of 
ten rears earlier. She could 
hardly have made a more 
.iu«nicious start to her career. 

The pond-looking bay was sent 
to Ascot in the nulmnn and ran 
avray with the Duke of Edin- 


burgh Stakes. 

•Teremv Hindley trains a use- 
ful middle distance colt in the 
making in Paristo, and I am 
hopeful the Sham bay can justify 
the trip from Newmarket with 
a win in the opening division of 
the Spring. Maiden Stakes. 
Parisio. a son of Mirella, who 
won the Irish 1,000 Guineas 
promise promise at Newmarket 
over seven furlongs in his only 
race as a two-year-old This after- 
noon’s milfrand-three-furiongs 
looks tailor-made for him. 

Onlv five jumpers turn out 
for this afternoon’s Scottish 
Champion Hurdle at Ayr. Little 
Bay could spring a surprise in 
the absence of Gay Chance and 
Pollardstown. by wearing down 
Ihe in-form Gay George. . 


NEWBURY 

1.00— Nunswood 
2 JO — Parisio ** 

3.00— Street Market* 

3 JO— Stratospheric* *• 

4.00 — Le Gran Brun 
4.30 — -Forward 

5.00— Step Dance 

AYR 

3.25 — Little Bay 


nothing in English law and prac- 
. t»c? which precluded ihe group. 
• allhough described as brokers 
and regarded as agents for the 
poliey4iolders. from having pried 
as agents for Excess as welL 
Garbis Maritime Corporation v 
Philippine National Oil Company 
(FT. March 19) 

A ebarterparty called for the 
Master to sign bills of iadlnr 
"in the form appearing below." 
. which was the' form set out at 
the end of the charter. Vfben 
the bills of lading were presented 
but did not appear in the speci- 
fied form, the Master refused 
to sign them. Mr Justii"* fi- 1- * 
hold that the charterers com- 
mitted a breach in so presenting 
the bills, and were liable In 
damages for the ship’s detention 
as a result. • 

Chilean Nil rale Sales Corpora- 
tion v Marine Transportation Co. 
Ltd. (F.T.. March 23) 

The Appeal Court considered 
the question of when a party 
could strike to terminate a 
contract upon the other side's 
apparent failure to perform their 
obligations. An onvinced 
intention of a refusal to perform 
a future obligation sufficed to 
establish a remrauciatory or 
reptidiatory breach. But the 
refusal not only had to be clear 
and absolute, it had to be so 
within the circumstances existing 
at the time of the alleged 
repud-iatory conduct 
'Tower Hamlets London Borough 
Council v British Gas Corpora- 
tion (F.T., March 24) 

One way of terminating', a 
contract which specifies no 

condition to that effect, is to- 
infer a power to terminate from 
the parties' intentions at the time 
they comracted. This principle 
enabled British Gas to terminate 
its contract to supply natural 
gas to a new development in the 
Borough. Mr Justice Fester held 
that it was not credible that 
British Gas, upon contracting, 
would have agreed to supply gas 
ar a fixed price for eternity. 
Reasonable ucrice to terminate 
was all that was required. 
Coates (Inspector of Tares) v 
Am dale Properties Lid (FX, 
March 26) - , 

The ertent lo which the recent 
approach by the House of Lords 
oo tax avoidance schemes over- 
turns its earlier decisions is yet 
to be delimited- In this case, 
Justice Goulding held that the 
purchase and sale of property 
were trade dealings Tor corpora- 
tion tax purposes, although 
the only motive for the entire 
transaction was a favourable tax 
outcome for the companies in 
the group. He was not prepared 
to accept that this motive was 
so decisive as necessarily to 
deprive the operations of their 
trading character. 

Paal Wilson & Co A/s v Parien- 
reederei Hannah Blumenlbal 
(FT. March 30) ' 

By a majority, the Appeal 
Court held that an arbitration 


agreement was subject to the 
ordinary incidents of the law of 
contract, including the doctrine 
of frustration, which applied, as 
in contract, when -the passage of 
time brought about a radical 
change in the nature of the 
obligation. Thus when the 
claimants failed to pursue their 
claim for 11 years, the respon- 
dents could say that this was 
not the arbitration to which they 
had originally agreed. 

Malvern Hills District Council 
v Secretary of State for the 
Environment and Another (FT, 
March 31) 

In this • case., everything 
depended on the dale when 
development of a site w?s 
“bffsun” -by the developers. If 
work started after the permitted 
time, the council could call upon 
them to halt further operations. 
The Court of Appeal. Lord 
Denning dissenting, held that by 
pegging ■ out a road, the 
developers had begun develop- 
ment within the time. 

Amin Rasbeed Shipping Corpora- 
tion v Kuwait Insurance Com- 
pany (FT, April 2) 

Although an insurance form 
closely followed the language of 
an English marine insurance , 
policy, it could not be inferred 
that the parties intended to sub- ' 
Ject their contract to English 
Jaw. The fact that the form was 
so much in use as In become 
part of the common nVrency of 
international insurance could 
not he ignored in deciding that 
the proper law of the contract 
was Kuwaiti law. 

Tandon r Trustees, of Spurgeons 
Homes (FT. April 6) 

The residential part of a 
combined shop and dwelling 
was on the first floor, and the 
shop on the ground floor. The 
House of Lords held that it 
could reasonably be called a 
•f house” for the purpose of 
enfranchising the lease under 
the Leasehold Reform Act 1967, 
and the ract that it could also 
reasonably be .called something 
else was immaterial. The 
leaseholder .was therefore 
entitled -to acquire the freehold. 
Universe Tankshlps Incor- 
porated of Monrovia v Inter- 
national Transport Workers’ 
Federation and Others (FT, 
April 7) 

A union federation blacked a 
ship until its' owners paid a sum 
of .money into- a ‘ federation 
“welfare" fund. The House of 
Lords held that the owners were 
entitled to recover the money 
because it was extracted under 
economic duress: The federation 
was not immune from liability 
on Ihe ground that it acted in 
furtherance of a trade dispute, 
because the payment was 
unconnected with the crew 
members' terms of and condi- 
tions of employment. 


All [BA Regions as London 
except at the following times : — 


ANGLIA 


9.30 8m Cartoon Time. S.4S Rocket 
Rnbm Hood. "10.10 Foaturs Film. 11.50 
Wnttoo. Watioo. 1.20 pm Anglia News. 

6.00 About Anglia. 11.00 Mamba,* 
Only 11.30 Friday Lata Film: •'* The • 
Men Who Would Not Die.** 1.06 am 
Dear Diary. 


BORDER 


9.30 am The Poetry Ol Landscape'. 
9.45 Sosama Street. 10.4S Bailey's 
Bird. 11.10 The World V/a Live In. 

12.30 pm Vet. 1.20 Bnrdor News 6.00 
Laokaiound Frida". 5.90 The electric 
Theatre Show. 10.30 Worth Keeping. 

11.00 Danger UXB. 12.00 Border News 
Summary. 


Promotion 


Institute of Directors 
proposes job-sharing 
scheme for trainees 


at Plessey 


BY JOHN LLOYD, LABOUR EDITOR 


A SCHEME to cut wage costs 
without cutting wage rates has 
been proposed by the Institute 
of Directors for the forthcoming 
Youth Training Scheme^— and 
the plan is likely to get govern- 
ment. backing. 

Mr Walter Goldsmith, the 
Institute's director, ■ says in a 
letter to Mr Geoffrey Holland, 
director of the Manpower Ser- 
vices Commission, that the 
scheme should encourage em- 
ployers to “ set up job-sharing 
arrangements under which a 
single full-time wage would be 
shared between two school- 
leavers.” 

Each school leaver would be 
paid the hourly “rate for the 
job.” but would work only half 
the Week; 

The scheme would escape the 
charge that employers were 
trying to cut wage rates. Trade 
union members .of the MSC 
hive levelled such accusations 
over the proposal by Mr Norman 
Tebbit, the Employment Secre- 
tary, to pay the trainees a 
weekly allowance of £15. 

The CBI- and- independent 
representatives on the MSC 
has backed the TUC’s position, 
and called for a dekely wage 
of at least £25. 

Mr Tebbit will face the diffi- 
calt decision, later this month, 
of attempting to push through 
his original allowance level, or 
bowing to the united opposition. 

'Mr Goldsmith’s initiative is 
deariy designed to develop a 
positions. It takes in Mr Tebbat’s 
belief that young workers are 
pricing themselves out of jobs, 
by lowering the wage costs to 


employers.. It also Dries to deal-' 
with unions’ complaints of wage- 
cutting, by keeping the rate at 
its present level. 

Mr Goldsmith has been an 
influential voice in Mr Tebbit’s 
ear and it is understood' that 
the scheme would find friends 
within the Government— par- 
ticularly since it would not 
require a major rearrangement 
of the Government scheme. The 
Industry- Department is against 
job sharing as a matter -of 
principle, but believes that, in 
a scheme where public money 
is already ollocated, an attempt 
to share jobs without raising 
wage costs would help bring 
down unemployment. 

'Mr Goldsmith says that while 
job sharing is only a short term 
solution, “it would be one of 
the more useful palliatives to 
unemployment 

“k would offer youngsters the 
opportunity of real, albeit 
limited, employment upon com- 
pletion of their YTS training 
■period, and would provide em- 
ployers with a workforce of 
sufficient size to respond quickly 
to an upturn in trade. It could 


Mr I. W. Maclean has been 
appointed chief executive of 
PLESSEY. . OFFICE SYSTEMS . 
based in Beeston. Nottingham, 
shire. He succeeds Mr. J: E. ‘ 
Donnelly, .who has returned to 
the U.S. for family reasons.. Mr 
Maclean joined .the Plessey. Com. • 
pany in -' 1857' and - has- -held 
appointments in- Australia^ the 
U.S. and Ihe UK; ' His most 
recent . appointment has been 
that of i director and general 
manager of the business systems 
division 1 of Plessey •' ' Office 
Systems. . 

. X . • 


Mr John Br FrasoT, president • 
of Morgan- Grenfell Incorporated, 
has . joined the bqart -of 
MORGAN GRENFELL _4 CO. . 
He wUL continue ta be resident 
in New York. ‘ . . 

i^r 


Mr John Allen. Mr David. 
Cockram, Mr Peter dt Y*i. Mr 
Gordon Ireland and Mr.. Peter 
Van der May (New York) have 
been promoted., to the . senior 
management of VICKERS DA 
COSTA, stockbrokers. 

★ 

- The Lord Chancellor has 
appointed Mr Justice Anthony 
Lincoln ta be the president of « 
the RESTRICTIVE PRACTICES 
COURT in succession 1 to. Lord 
Justice Slade, and has nominated 
Mr Justice Warner to he.: a , 
member of the Court . . . 

V * 

Mr .Frank O’Shaiibhun. has 


been appointed chairman of 
EXTEL PUBLIC RELATIONS 


have a very significant, ..though 
remonallv varied, impact on the - 


regionally varied, impact on the 
unemployment figures of this 
age group.” 

Mr Goldsmith’s letter says to 
the MSC employers would be 
keen to participate in this 
scheme provided they gained 
full YTS grants for each part- 
time worker taken on. thus 
obtaining twice the financial 
support they would have done 
employing a single, full-time 
school leaver. 


EXTEL PUBLIC RELATIONS 
and Mr David WynneMorcni 
deputy .chairman and -.chief 
executive. Mt Fred Barlow and 
Mr David Harrison have been 
appointed managing directors. 
Mr Stanley Gale has joined the 
board. 


TUC demand on textiles 


BY OUR LABOUR CORRESPONDENT 


A DEMAND for a tougher 
staad from Ihe Department of 
Trade over the negotiation of 
the third stage of the Multi- 
Fibre Arrangement (MFA) was 
made ar yesterday’s meeting of 
the TUC textile and clothing 
committee. 


established in detailed 
negotiations. . • • 

The broad outlines of MFA-3, 
which imposes more liberal 
trade quotas on EEC countries, 
have already been endorsed by 
the EEC Council of Ministers. 

The ' Committee also regis- 
tered an objection to the EEC 
council’s endorsement of a new 
regulation on outward process- 
ing— by which EEC countries 
export cloth to low-cost 
coin tries and then re-import. 
Outward processing has been 
expanded. The TUC commit- 
tee believes it should ;.be 
reduced. 


.' The MFA regulates textile 
trade between 'the EEC and low- 
cost suppliers from the Third 
World. 


The committee expressed 
fears that MFA-3 would be 
fully ratified before the 
interests of. the British textile 
and clothing industry had been 


• Mr J. G. S. Boon: Mr M. 
Phipps, and Mr R W/.E- Wrigb* 
ton will be ioinrag the partner- 
ship of SCRIMGEOUK KEMP- 
GEE A CO., stockbrokers on 
April 19. ‘ 

* WESTLAND has- -appointed 
Mr A. V. N. Reed, a director to 
addition to his duties as deputy 
managing director of -its. main 
subsidiary, Westland . Heli- 
copters. 

.. 

QUITTER GOODI50N & CO.. 
stockbrokers, has • admitted Mr 
Michael Cuddlgan, Mr Matthew 
Wind ridge. Mr John Fuller, Mr 
Michael Mahoney and Mr Robert 
Pack into the partnership; Mr 
Michael Chase has retired, bnt 
remains an associate member. * 
* 


Mr Delwyh Dennis has been 
r appointed to the board of GOOD 
RELATIONS GROUP. *•' 

GENERAL PORTFOLIO LIFE 
INSURANCE COMPANY has 
appointed Mr Chris Clark si time- 
tor and actuary. He. was joint 
actuary of . The , Munich .'Rein- 
surance Company’ to the "UK * 


TELEVISION 


LONDON 


9.50 The Wombles. 9.55 
Jackanory. 10.10 Lassie. 10-30- 

11.00 Why Don’t You. 12.30 pm 
.News. 1.00 Pebble MiU At One. 

1.45 Heads and Tails. 2.00 Go 
With Noakes. 2.30 Encounters 
with Animals. 3.20 Pobol Y 
Cwm. 3.53 Regional News for 
England (except London). -US 
Play School. 120 Help! It's The 
Hair Bear Bunch. 4.40 Four- 
pence a Day. 5.20 Newsround 
Extra. 5.35 The Perishers. 

5.40 Evening News. 

6D0 Regional News . Maga- 
zines. 

6.22 Nationwide. 

6.55 Young Musician of the 
Year. 

7 JO Odd One Out with Paul 
Daniels. 

8.00 The Enigma Flics’. . . 

8.50 Points of View with 
Barry Took. 

0.00 News. •. 

9.25 Dad’s Army: Man of 
Action. . 

9.55 McClain's Law, starring 
James Amess in "What 
Pairic Doesn’t Know." 

10.45 The Great West Road: An 
architect's journey. 

11.13 News Headlines. * 

11.20 The late film: Better a 
Widow (196S) starriTig 
Vima Lisi, Peter 
McEneiy. 


Chris Dunkley: Tonight's Choice 


In tonight's semi-final of the Young Musician Of The Year 
on BBC-1, eleven wind players compete for a place . in the final 
and the judges include clarinettist Jack Brymer. Newsweek on 
BBC-2 looks at the idea of spending your way out of recession: 

ITV launches another of those bitsa comedies: Bitsa this 
and bitsa thaL For the Bounder they’ve taken the writer from 
“ Rising Damp " the producer/director from “ Only When I 
Laugh." Peter Bowles's smoothie character from “To The Manor 
Born ’’ and George Cole from “ Minder " playing a second-rater 
once again. Who knows, even though the best sitcoms have 
invariably involved casting not with but against type, perhaps 
this one will work. 

’’ Playhouse " on BBC-2 represents a television debut for both 
the writer. Terence Hodgkinson and the director. Jane Jackson. 
The play The Queen Of Amiagh is another in the recent run of 
shortworks in this sloL Nancy (played by Diane Fletcher) is 
the only person left on Armagh, a small Scottish island which 
became a penal colony for dissenting intellectuals after the 
outbreak of World War TIL Then .Michael (Eamon Boland), a 
young pilot officer is washed up on the shore. 


9.30 am Rocket Robin Hood. 

9.45 Wild Ganada. 1005 Michel’s 
Mixed-up Bird. 11J2& Paint 
Along -with Nancy. IL55- The 
Bubblies. 12.00 Song Book. 
12.10 pm Once Upon A Tiirie, 

12.30 Our Incredible - World. 

1.00 News. 1.20 Thames'. News. 

2.00 After Noon'. Plus. 2.45 
Friday Matinee^ 4.15 Watch It. 
Road Runner. 4J20 Razzmatazz. 

4.45 Freetime. 5.15 Film Fun. 


5.45 News. 

6.00 The 6 O'clock Show. • 

7.00 Family Fortunes 

7.30 Survival Special . . . The 
Missing Monsoon. 

8.30 The Bounder . . . He's 

Not Heavy— He's .My 

Brother-In-Law. * 


9.00 We'll Meet Again - 
YouTl Never Know star- 
ring Susannah York and 
- * Michael J. Shannon. 


6.40-7.55 Open University. 

11.00 am-lL25 Play School. 
5.10 pm The Mindful Way. 

5.35 Weekend Outlook. 

* 5.40 Sherlock Holmes and The 
Secret Code 11946). 

6.50 Something Else. 

7.35 One Hundred Great 
Paintings. 


ift.00 News. 

10.30 Benson. 


7.*5 News Summary. 

7.30 Gardeners’ World. 

R.1R Newsweek. 

8.50 Mama Don’t Allow. 

9.30 Playhouse: -"The Queen 
of Armagh.” 

10.05 Scoop. 

10.35^ Poems in their Place. 
10.45^11.35 NewsnighL 


11.00 The London Programme 
Rotten Estates. 

11.35 Dolly starring Dolly 
' Parton. 

12.05 am Bizarre.^ 

12.35 Sit Up and Listen. 


t Indicates programme In 
black and white 


CHANNEL 


11.55 vn Look sod See. 12-30 pm 
Vei. 1.20 Cha'nnol News. 6.15 H-to'ft 
Boomer. 6.00 Channel Report. 6.35 
Spidermen. 

GRAMPIAN 


except: 12 00-12.10 pm Beth am Sun? 
« 15 Ynr» Ntlhyenod Y Uwyn . 5-15-S.4S 
Mr Mrs B.00 Y Ovdd. 6.15 Report 
"’-««n.6.?p.-r 00 .Making It Work. 10.30- 
11 00 Outlook. 


3.45 am 'First Thinq. IJO Hales j»nH 
Batchelor 10.35 Stingray I 1 On 
Scaamo Stroat. 12.30 pm V«t. * 20 
Nnnh News. 6.00 North Toninht. 10.30 
The Lale Niohi Horror Show: ’* Dracula 
AD 1972." 12.15 Nonh Headlines. 


SCOTTISH 


GRANADA 


9.30 am Circus. 9.50 Untamed World. 
■ 10.15 Animatnd Classics. 11.00 Scssrm; 
Sneer. 12.30 pm Vet. 1.20 GranPto 
Reports. 1.30 Ex chan no Flans. EDO 
Kick OR. 5,30 Granada Reports: 10. 30 
Bizarre, 11,00 A Week on ‘Friday. 
11J0 The Ule Film. 


9.30 am Parrerns. 9. 55 Black Beauty. 
rtiH’rcnj Strokes. 11.05 Then 
Came Rrnn-’nn .11.50 Wattoo Wnttoo. 
12.30 nm Vet. 1.20 Scottish News. 
**.« Thn Hew Fred end Barney Show. 
3.15 Sampv rtnooln 3 . -20 Savon d West- 
world a. 15 Cartoon. 5.15 Mr and Mrs. 
R.OO Scntlfiprf Today. . 6.30 Sports 
F«tn. fies Hear. Here. 10.30 Wavs 
r-nd Me*ns. 11.00 Late Cali.- n.05 
Movie e Tlimunh Midnight. 


-. 9.35 am Kum K urn. '10.00. The TUptune 
Factor. 11.35 European Futti- Tata* 

12.30 pm Vet. 1.2ft TVS News. 6.15 
Watch This Snace . 6S0 Coast to 

Coast. 6.30 Friday Sportshow. . 1030 
Blxarre. 11.00 Restricted: TM Pink 
Telephone. 12.40 im Company. 


TYNE TEES 


CENTRAL 


9.35 am -3-2-1 Contact. 10.05 Falcon 
Island. 10.30 The New Accelerators. 

11.00 Jetstream. 1ZJ0 pm Vet. 1-20 
Central News. 6.00 Central News, 

10.30 Central's Girl of the Year 1S82. 
10.50 Central News. 10.55 Invitation to 
Robbery. 


HTV 

9.45 am Larry the Lamb. in Toytown. 
9.65 Flower Stono?. 10.05 Rondrunner. 
10.15 Charlie's Annels. 71.05 Robw'i 
Choice. 12.30 Vei. 1J0 HTV ' News. 
8.00 HTV News. 6.30 Mark and M 
in '** HTV News. 10-30 Sport iho T • 
HTV -Cymru/ Wales .—.As HTV Wes: 


"■"i am r«int Alnnn. w>ih Nancy.. 
B ^*s»cr 0»w Horse Parade. 10.15 


9.2D am The Good Word. .SJS North 
East News. 930 Spread Your Wingi- 
SSS Stingray. M.20 Animated Cl«i»iea . 
11.05 Man and Monte. ' -11.60 Sally and 
Jake. • 12.30 pm Vet. '1. to. North :.€a*l 
News. . 5.00 North Eaax flaw*.. - yMU 
Sporrstime. 6.30 Northern We. .TOflQ. 
North East News. 103* .Hi# : fc»ay 
Njpht Film: " Neither .'Hie Sea Not 
Sand." * .1230 Po»fs. Comer- . 


■ e .”* ' Hmrr. 11.05 f \ a 44n"ie.’f World. 
i?*0 pm Vet. 130 pm TSW News. 
■ -n r. 1-. H'-nei-Snn's Manm Birthdays 
* * v * T d 4ar Smith West. 8-30 Wh?f* 
Ahoad. 10.32 TSW News. KJ.35 
Mysterious Talas 10.40 House Calls. 
11.10 Continental. Cinmno. 1Z.40 Poat- 
&cr>~\ 12.45 am South West Weather. 


ULSTER? 


12.30 pm V*r. lito tarirtlid*-. A13- 
tilsier Nnws S.1S MAfltona* or KW' 
stones. 6 to Gnbt! Ewninff BJfr 

in.MTrtnt Strokes. TOtol(J«tai.W9«thtr 
T30 Witness. 10.36 Lou GrehU .TI3S 
:N«jre. - 


(3) Stereophonic broadcast 
4 Medium Wave only 


RADIO 


RADIO 1 


5.00 am As Radio 2. 7.00 Mike Bead. 
9 00 Simon Bates ' 11.30 Dave' Lee 
Travis. 2.Q0 pm St*v* - Wright: 5.30 
Ncwsbut. 5.45 Roundtable’. 7.00 Andy 
P"bles. 10.00 The Friday Rdck Show 
(S).. “* 


Anything for a Laugh. 11.00 Bnen 
Matthew with Round Midniphi-1.00 am 
Nh»ht Owls IS; 2.00. Star Wars (S). 
r.27-6.00 You and the Night emf Ihe 
MusiE (S). 


RADIO 2 


RADIO 3 


Tho hi* rapens wilt recommanca for 
the Easier Term on Tuesday .April 20. 

by Aviva Golden 


6.00 ■am Nick Page (S). 7to flay 
Moore (S). 10.00 Jimmy Young (5). 

13.00 Glona Huimiforrf fS). 2.00 pm 
Ed Stewart (S) 4.00 David .Hamilton 

fS). 5.48 Newer Sport BiOO John 
Dunn . IS}. 8.00 Sequence -T/ht* • f S) 
fi.45 Fridav Night Is Music Night (S). 
955 Soo rsa DaSk. * 10.00 Th« Random 
Jottings of Hinge end Sreekot. ?0to 


S.55 pm Weather. 7.00 .News. 7.05 
.Morning Concert (S). 8. 00 News. 8.05 
Morning Concert. 9.00 News. 9.05 
This Week's Composer fS). 10.00 
Chicago Symphony Orchestra (5). 1050 
Schubert ($) 11.40 Peter Warlock and 

Trover Hold (S). 12.15 pm BBC Welsh 
Symphony Orchestra (S). 1 to News. 

7.06 Concert (SJ. ZOO Viol 1 and 


P-.mn ■ (SI 2.40 Youth Orchestras of 
Ihe (Vo rnf (S) '3-20 Vfaijte end Harps!- 
chord fSJ. 4.00 Choral- Evensong (S). 
4.55 'News. 5,00 Mainly .for Pleasure 
(5). 7.00 lonych. 7 to Mozart end 
Schubert fS) 8,00 Tbrpuof) » Night, 
8 20 Concert fS) 8.10/The Qualify of 
Mercer 950 20th-Century Music tor. 
Strings IS}. 11.00 News. 77 .08-11.75 
Italian Are Nova (S): . . 


RADIO 4 


6to am.Newf Briefing. -8.70 Farming 
Today. 6.26 Shipping Forecast', -d.30 
Today,- 8.43 The Richard. Stttgo* letter*. 
B.00 News. 9.06 Desert Island 'Ones 
(SJ. . 3.45 A Sideways Look At . .V. 


by Anthony Smith . tO-bO News': HLW 
IntwsiMsnef -Assignment.- . 10 to Daily 
Service. . 10.45 Morning Story. 11-M 
Nows: Travel. 11.03 You the Juiy-(S). 
1.1.4* Blrti of the Week, .12.00- New*. 
i?.02 You. end Yours;. 12J7 -Fran* 
Muir. Sdu HI to . 1.00 The 

W«rW at One;' News. I^O The Archer*. 
1.W Shipping) Forecast. - 3L00 

Women's Hour.' 3, 00-News: Treeef. 

-*.K ; Afternoon Thwtm. ^-Ato News. 
Ana Fdward Bliaban. ' 4-«> LacaHy 
' Speakinn. . AM - Story Tlpiei ,64)6. News. 
«M‘ Gnlnq Pi a cm. 7to- N#WK - OL08 
The. An: b era. .7 JO JPtdt.'wof 7b*jW*fk 
: 8.10 ProQia. ■ «aq Atay'Qptfatip**? 

9,15 Letter from AmBnCa'-L'ftSO NaWdO* 

. scope. 10.00 The World'TcnlBhtrNew*. 

Tpto Week. Endmg l% ri-OO A Book 
; « Sedrlnro.- :TT.15 The frnjncW-.W»rW . 
ToriigHt 1 Ml to Chamber.' Jaaft 
News'. .T2.15-1IL23 Stiipplnfl .Forecast; 
Inshore Waters' Forecast. 7 ... r r ... 




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■Financial -Times Friday April 16 198” 


11 


THE MANAGEMENT PAGE 


EDITED BY CHRISTOPHER LORENZ 


Promotional hiccups— and how to cure them 

Arnold Kransdorff describes the psychological hurdles to be overcome by ambitions managers as they climb the career ladder 


IN SPITE of an outward appear- 
ance- of efficiency and confr 
dance John Schingler has found 
the past seven years far from 
easy. During that time he has 
been promoted through four 
senior management jobs — and 
every move has been a Bight- 
mare. 

In retrospect the pattern, 
curiously enough, was always 
the same. After an initial burst 
of enthusiasm there was a sense 
of being .•• overwhelmed; . he 
would suddenly realise that his 
expectations did not match up 
to the reality of his new job. 

. This always led to depres- 
sion and a crtical period when 
he wonfld start to question his 
own competence — not exactly a 


healthy -state of mi-nd for an 
ambitious executive with 
onerous responsibilities. 

In the event Scbingler, who 
is sales and marketing director, 
Europe, for Commonwealth 
Holiday Inns of Canada, found 
that this phase would eventually 
pass. Confidence — and an im- 
proved level of competence— 
would return, and this would 
lead to another promotion. 

But then the sequence would 
start all over again. Why was 
there never any length of time 
when he felt he was really cm 
top of the job? And would suc- 
cess always be such a 
struggle? 

Today he thinly he is a little 
closer to answering these ques- 


tions, thanks to mi unusual man- 
agement development pro- 
gramme he attended at Cran- 
field School of Management in 
Bedfordshire. The course is the 
brainchild of two young 
academics, Chris Parker and 
Ralph Lewis, who have joined 
with the Hotel and Catering 
Industry Tra inin g Board to help 
managers overcome a number 
of recurring problems asso- 
ciated with promotion: 

Prom research carried out in 
the hotel and catering industry; 
Parker and Lewis have con- 
cluded that no matter how com- 
petent individuals are at one 
level, they are automatically 
less competent, and in some 
cases incompetent, at higher 


levels for anything up to two 

years after transition — a factor 
not fully appreciated by either 
■ managers 07 companies, they 
say. 

' At more senior levels the 
transition period can be up to 
four years, they add. 

Although the research was 
concentrated on how newly 
promoted managers saw them- 
selves. Parker and Lewis say 
that those feelings of incom- 
petence usually translated 
themselves into varying degrees 

of reality. 

Often, they say, companies 
are totally unaware of any 
downturn in an Individual's 
performance, mainly because 
managers are able to bluff their 


The ups and downs of the performance curve 


FROM their researches, Chris 
Parker and Ralph Lewis have 
developed a seven-stage be- 
havioural model of what they 
think happens to a newly- 
promoted manager. 

Almost immediately the In* 
- dividual goes into a state of 
immobilisation or shock. This 
arises, they say, because the 
reality of the new job. does 
not match up to expecta- 
tions. 

Stage two on the transition 
curve is what they call “ denial 
of change ”. . Here, the in- 
dividual attempts to minimise 
the extent to which be must 
adjust to the demands of his 
new job by reverting to pre- 


vionsly successful behaviour. 
As a result he usually per-, 
forms badly because his 
behaviour is inappropriate. 

From there, competence 
slips and depression sets 
in. The individual usually 
becomes reactive and refuses 
to share experiences with 
others. He becomes 'frus- 
trated because it is difficult 
(o know bow to cope with the 
new situation. . 

Stage four — the bottom of 
the curve — occurs when there 
is at last an acceptance of 
reality, leading to a pre- 
paredness and willingness to 
experiment with change. 

Parker and Lewis suggest 


that although it is precisely 
at this stage that mistakes 
are liable to be made, *h« 
should not be beld against 
the individual and he should 
be given encouragement It 
is' only by experimentation 
that effective new ways can 
be found, they say. 

The next stage heralds a 
quiet, reflective period when 
the individual attempts to 
understand the preceding 
sequence of events. 

This leads finally to the 
time of “ understanding ” 
when all the changes are 
Integrated into the experi- 
ence of the individual with- 


out any conflict The sense 
of being involved in change 
passes and the individual, 
who can expect to have 
developed newer and better 
ways of dealing with the new 
job, becomes more stable. 

Parker and Lewis stress 
that not all individuals follow 
the curve to its conclusion. 
Some may get stuck while 
others may regress. 

They say their programme 
is designed to reduce the 
time it takes to reach com- 
petence as well as cut down 
on the casualty rate. 

If they can do that; the 
implications foT performance 
and profit are obvious. 


way through difficult situations. 

If the research is right, its 
results pose a serious problem 
for industry— and one which 
raises doubts about the prac- 
tice of moving managers, on 
average, every few years. Apart 
- from the fact that there is little 
opportunity to prepare for pro- 
motion, it means that managers 
like John SCbingler are achiev- 
ing satisfactory levels of com- 
petence for only short periods 
in their working life. 

How effectively .- individuals 
tackle these problems depends 
on a combination of com- 
petence, self-knowledge and 
the support and guidance pro- 
vided for them during transi- 
tion. says Parker and Lewis. 

" Succession planning and 
training for promotion can do 
a lot to improve competence 
by enhancing technrial abilities 
and contributing to general . 
experience, 1 ' they say. 

Parker and Lewis found that 
some typical problems faced in 
transition, especially by those 
coining into management for 
the first time, were feelings of 
isolation and loneliness — 
emotions that the individual 
was usually totally unequipped 
to handle. The same people 
were usually vulnerable to 
pressure groups within the 
company because they were 
unskilled at playing internal 
political “games.” 

Newly - promoted managers 
also tended to feel strain more 
quickly and made decisions 
either too hastily or not at all. 

To deal with these and other 
related problems, Cranfield has 


set up a three-phase programme 
over 10 weeks, consisting of 
two four-day residential ses- 
sions at the business school 
and a one-day regional work- 
shop. Although the organisers 
do not pretend that the course 
is an instant cure-all, an impor- 
tant element of the tuition is 
to repair bruised egos and boost 
confidence. 

"As one of the most impor- 
tant problems is how indivi- 
duals perceive themselves, we 
spend a lot of time on self- 
appraisal,” says Parker. 

“ We encourage groups to 
discuss each other’s personali- 
ties and their strengths and 
weaknesses. We illustrate how 
they relate to people, teach 
them how to handle aggression, 
stress and conflict and how to 
give and take criticism. We 
also include instruction on how 
to communicate and how to 
listen, how to be assertive, how 
to build self-esteem and how 
to say no to demands from 
senior managers. 

“Also, we teach them to play 
politics well and such basic 
skills as how to negotiate, how 
to run meetings, and how to 
put teams together.” 

Cranfield has been running 
its “ transitions ” programme 
for just 14 months and attend- 
ance has - totalled more than iqq 
middle and senior managers 
from companies such as Holi- 
day Inns, Grand Metropolitan. 
Granada Motorway Services. 
Centre Hotels, and Whitbread 
Breweries. The reason it has 
concentrated on one industry 
is because of its association 



with the Hotel and Catering 
Industry Tr aining Board- 

Up to now the training board 
has been part-financing the 
£1,000 course fee, but this sup- 
port is expected to end soon, 
and Cranfield intends to open 
the programme to other sectors 
of industry. . One idea is to 
offer in-house courses and this 
has already been taken, up by 
a 30-unit Welsh hotel group 
currently undergoing manage- 
ment changes; accountants 
Deloitte also intends to use the 
course for all new partners, 
starting in June. 

As far as John Schingler is 
concerned, he wishes he could 
have done the course when he 
accepted his first management 
job back in 1974. He is con- 
vinced that that move, and sub- 
sequent ones, would have been 
less traumatic. 


“ It seems that the transition 
curve starts applying when one 
is. suddenly given a lot of addi- 
tional responsibility over and ( 
above one's original expecta- 
tions.” he says. 

“The problem is that you t 
never know the true extent of i 
other people's jobs. Also, the 
experience which made you 
excell in a previous job is not , 
necessarily enough in a new 1 
job.’’ 

Apart from believing that he 
can now handle any future pro- , 
motion more efficiently, 
Schingler has come away having 
learnt two baric lessons. ** In . 
future I will not be going into l 
new jobs with the same opti- : 
mism as in the past. The , 
thought as occurred to me that 
my subordinates must also be • 
going through the same curve. 
Hopefully, I will now be able 
to manage them better.” 


Management 

abstracts 

The “ work-at-home ” trend. 
R. L.. Sample in Administra- 
tive Management (U.S.), 
Aug 81 

Discerns an increase in the 
number of company-employed 
people working at home and 
contends that the main reasons 
are energy/space costs and the 
growth of the service sector; 
gives named-company examples 
of “cottage industries.” .• 

Work overload. T. S. Bateman 
in Business Horizons (U.S.), 
Sep/Oct 81 ' 

Describes how work overload 
differs from hard work and 
heavy responsibility and can- 1 
tends that it can lead to Stress 
and associated, health, risks; 


examines what management 
arid employees can do to reduce 
it 

Appraising the foreign invest- 
ment decision. R. Pike + R. 
Dobbins in Management 
Decision (UK), Vol 19 
Explores motives behind 
direct overseas investment, and 
summarises factors affecting 
the decision on where to invest; 
touches on methods of identify- 
ing and measuring risk and 
offers a method of assessing it 
against weighted criteria. 

• These abstracts are condensed 
from the abstracting journals 
published by Anbar Manage- 
ment Publications., licensed 
copies of the original articles 
may be obtained at £2.50 each 
(Including VAT and p + p; 
cash with order) from Anbar, 
PO Box 23, Wembley HAS 
8DJ. 


WHEN Norman Barton picks 
up the telephone, the caller is 
almost always in a state of some 
anxiety. 

On one occasion' recently the 
voice — obviously perturbed — 
wanted Barton’s advice urgently. 
He was- working as an accoun- 
tant in industry, be said, and 
had reason to suspect that one 
of his bosses, a director of the 
company, had been in collusion 
with a travel agent to disguise 
holiday expenses as business 
traveL 

What was the ethical thing to 
do? Do nothing, refuse to be 
a party to the likely fraud, re- 
port the matter to a higher 
authority, resign or, possibly, 
wait to be dismissed? 

On another occasion a caller 
said he was aware that his em- 
ployer had deliberately given 
false information in connection 


Accountants and questions of ethics 


with a profits forecast concern- 
ing an application for a bank 
loan. Again what should he do? 

Barton will not disclose what 
specific advice was given but 
says the calls are typical of the 
approaches he has been receiv- 
ing — at the rate of one a week 
— since the birth of an unusual 
advisory service last year. 

Set up in May by the Institute 
of Chartered Accountants in 
England and Wales, the Indus- 
trial Members Advisory Com- 
mittee on Ethics (IMAGE) pro- 
vides advice on ethical problems 
to members of the institute not 
working in an accountancy prac- 
tice. 

Before that, accountants — 
whether in industry or in 


practice — could get advice by 
contacting his or her profes- 
sional association — but only on 
an ad hoc basis and at the end 
of the telephone. Both the 
English Institute and the Asso- 
ciation of Certified Accountants 
have ‘ such a service. Now 
individuals have the oppor- 
tunity of sorting out problems 
face-to-face. 

The director of IMAGE, 
Barton handles all inquiries. 
The service, which is free, 
operates through a panel of 70 
regional advisers, all qualified 
chartered accountants with vary- 
ing lengths of service in 
industry. 

Barton can normally arrange 
a meeting with an adviser 


within 48 hours of gettin g a 
request for help. 

When an accountant moves 
into industry his professional 
integrity can often be compro- 
mised. Company loyalty — 
emphasised by a monthly salary 
cheque — is supposed to be 
paramount. His role is to 
further the interests of share- 
holders — and sometimes this is 
achieved at the expense of 
professional standards. 

When this happens the indivi- 
dual can find himself in an 
awkward position. This is where 
Barton comes in. 

Barton says that IMAGE’S 
main task “ is to try and 
interpret the institute’s own 
ethical guidelines ” .which are 


set out in lengthy and legalistic 
terms. 

“We base our advice on the 
facts reported by an individual 
and qualify it by stressing that 
we haven’t heard the other side 
of the story. Oh this basis we 
generally can give an indication 
of whether what an individual 
is being asked to do is ethical, 
in a grey area or— in fact— un- 
ethical. We can then often 
point out the decisions the 
individual might take but we 
always give them the choice.” 

He stresses that the service 
does not provide advice on legal 
matters. This should be obtained 
from the individual’s own 
lawyer. 


What the service can. and • 
often does, is to suggest ways I 
of approaching an employer in 
the most tactful and least ' 
harmful way, he says. ! 

“Inevitably there will he t 
occasions when the cost of 
following one's professional 
ethic will give rise to confronta- 
tion — and lead to dismissal or 
resignation. We can’t pretend 
that nobody has lost his job 
having taken our advice, but 
equally our advice has helped ■ 
to strengthen an individual’s 
position in relation to his board 
and colleagues. 

“Every reasonable step is 
taken to provide the objective 
advice which a member seeks 
as to his ethical responsibility.” 
(IMACE’s telephone number is 
01-628 7060). 

Arnold Kransdorff 




* -r-yt 


COMMERZBANK £& 


We are pleased to announce 
the opening of our 
Representative Office in China. 


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CoqxTwrcbank AG. Raprewitntfve Office Be^ng. 

Jianguo HaM, Boom 134, Jkmgm Man Wiri Da J«. Beqf’S* 
PWpit't Republic Of Chinq, Tsl: 595261 Ext. 134, 136, 

Trim: 22628 cbpde cn 

Hflbd Office: P.O.Box 2534 • 0-6000 Frankfurt/Moki 
TiL (611) 1362*1 - We* 4152530 


Commerzbank, one of West Germany’s 
*Bfg Three* commercial banks with a con- 
solidated business volume of about US$ 50 
billion, has extended its international neN 
work by establishing a presence in 
Beijing. 

Even more than before, its customers 
in Asia, West Germany, and other markets 
can benefit from the Bank’s long-standing 
relationship with the People's Republic of 
China.- the Beijing Representative Office 
provides extensive information and sound 
counsel on trade and other business op- 
portunities. 

Commerzbank’s presence In Beijing 
underlines Hs commitment to strengthening 
its traditionally strong ties with the People’s 
Republic of China. It also emphasizes the 


Bank's desire to serve a growing clientele 
in the Pacific Basin, where if already oper- 
ates branches in Hong Kong and Tokyo 
as well as a wholly-owned subsidiary in 
Singapore, maintains representative offices 
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in a number of banks and finance 
companies. 

Through 850 branches in Wfest Ger- 
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To find out how Commerzbank's new 
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with our representative on the spot. 
Me Michael Zuberbieo or with our Frankfort 
Head Office. 




IC Industries has grown dramalicaliy in the five “Growth by design” It’s more than a slogan. Ifs a 

years since 1976. statement of accomplishment 


Pre-tax income has more than doubled, increasing For more information, please write ' 

from $ 95 million in 1976 to $ 234 million in 1981 IC Industries, Inc, European Office, 

Producing a compound annual growth rate of 20 percent 55, ch. MoISe-D uboule, CH-1209 Geneva, Switzerland. 

Net income increased ala 17 percent compound 
annual growth rale, from $ 60 million to $134 million. 


Primary income per common share rose from $538 
in 1976 to S 6.65 in 1981 And fully diluted income per - « 


j o o.oo m Ana nmy anuiea mco 
common share increased from S286 to $5.52. 

Balanced diversification has enabled IC Industries 
to keep growing- year after yeat 


DimsiSedin sixhusmess units: Abex> Pet> ffus 


IC lns!y& tries 

Growth by design. 

Pepd-Cok General Bottleis, Midas, Ulfnois Central Gulf Railroad. 



12 



jrjnanciai T5xnes Fric 


AAH. £ 

AC. Developments B 

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AG. S ecurity Electronics B 

ALH. Commodity Portfolios B 
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Abbey (Dublin) | 

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Portland Cement " 

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Alfa Romeo B 

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Bank of Oman 
Bank of Scotland 
BankofTaiwan 
BanqueGeneraledu . 

Luxembourg 
Banque International a 
Luxembourg 

Banque KeyserUilmann 
Bahro Consolidatedlndustries 


BardaysBank . . 

Barclays Banklntemational 
Barclays Bank Trust 
Barclays Devdopment Capital 
BardonHill 
B arratt D evdopments 

tot i rrv jT _ Jr 


who advertised in theLClastyeaR 


Candl Group of Companies 
CarrSebag 


B^mBS&WolffMdia CarseofAUan 

CaterRyder 

■Ranme&Mffder CathayPadficAirways 

CavendshLife Assurance 

C^Rodstone 

gSSi Central R^onal Council 

SaSta&mn- 

Chamberlin 

ISSodConstruction. ■ Channdlslan 

Bdllngtam Investing 

Bdl&Sohi 'Arthur Chart Analysi 

BdlwayKcs^es ■ Cha rtere rs 

Beradin Rubber Estates Chartereiin 

BerisfodS&W 

Berkmann Restaurants ChartediaUt-i 

BedinerBank CharteAioust 

BermudaTiust (FE) Chmwidi 

B ertam Consolidated Rubber C hen^^l ® ® 
BettBrothers Chesterfrddl 

Bibby&SonsJ 

Bilfmger&.Beiger Chnsneslnte 

BlackwoodHodge 

BlagdenStNoakes ChurchdlAt 

Blue Cirdelndustries 

BlundeU-Permpglaze City&F.orei 

Blyvooruitzicht Gold Mining CityoiDnstc 

Roardmanlnternationa^ KO City orLond 

B oddington s Breweries City of Lone 

BoneFitzgerald&. Co 9^°r\x 

Booker McConnell 9^°^ 

B oot International, Henry 

Border & Southern Clarice, Clen 

Stockholders Clavahouse 

Borough ofHartlepool . JohnO^c 

Boustead , 9 ^ 

Boustead Commodities CluttUil 

BowringEmployeeBenefit 9 utt j 1 ^ 

Services CWdCou 

Bradford&Bingley Clydesdale! 

Bradford &.'Bin^eyB5. . Coalite 

Brady Industries Coats Pator 

Braid Group CoUier&fc 

BraithwaiteSt Co Engineers Colonial be 

BramallCD. ^tCars^ 


"Daiwa Securities 
Dainty . 

DaraSTEAM International 
Davies ScNewman 
Davis, Godfrey 
Davy Corporation 
DeBeers ConsolidatcdMines 
DebenhamTewson&- 

Chinnocks 
Deborah Services 
QenI'i orske Credit Bank 

(Luxembourg S A 


V^namoemn ociim W 

Channdlslands&clntema^ De VereHotds & Restaurants 


InvestmentTmst D dtaltwestment 

Chart Analysis DdtaMetal 

CharterConsolidated Department of Trade 

CharteredTrust (Monopolies andMergers) 

Charte.Trust&. Agency DeritendStampmg 

Chartahall Finance DeutscheBankAO 

Charterhouse Group Deutsche Girozentrale 

Chartsearch D eutsche KommunaibanK 

Chemical Banklnternational Deutsche Spaikassen- 

Chesterfield Properties organisation 

Chestertons DevenkhJA 

Christies International DewhirstlJ 

Church Dewhurstck Partner 

Churchill Atkin Grant ScLang D G Bank 

CIN Industrial Finance Diamexpansion 

City &- Foreignlnvestment Diamond Sdecuon ^ 

CityofBristol Dinere Club International 

City ofLondonBuffiing Society Distillers 
City ofLondonPR Dixon, David 

City ofLondon Trust DobsonParid 

CityofManchester Donaldsons 

City ofWestminster Dougtas,Rob 

Clarice, Clement ‘ Dowding&ls 

Clav^houselnvestment Trust DowtyUTOU{ 

. John Clegg &. Co Drake&Scu] 


Clifford's Diaries 

CluffOil 

Cluttons 

Clwyd County Council 
. Clyc esdaleBank 
Coalite 
Coats Paton 
Collier &. Madge 
Colonial Securities Trust 
Colt Cars 
Comfort Hotels 
Commercial Bank of Australia 
• CommerrialBank of theNear 
East 

CoramerdalUnion Assurance 
Commerzbank 


-cSSSSSwfA 

BrShouseDudley ' CommerdalBankofti 

BridgewaterBuilding Society bast 

Bristol Chambwof Commerce CommeroalUmonA. 

Bristol Waterworks Corrnnerzbank 

Bristol StWestBuildingSodety Commodity Analaysis 

BritanniaAssurance CommodityFundMa 

British Aerospace ■ CommodoreBuanKS 

British American&: General CommonwealthDeve 

'j , rust Commonwealth.' i radi 

British AssetsTrust CommunicationsMar 

BritishBank of theMiddleEast CompagmeFrandaise 

BritishCarAudion - BAiriqueOcadent^ 


DobsonParidndustries 

Donaldsons 
Douglas^RobertM- 
Dowding&. Mills 
Dowry Group 
Drake &l Scull 
Drayton Commercial 
Drayton C onsoKdated Trust 
Drayton Premier 
DresdnerBankAG 
Drivers Jonas 
Druce&Co 
DualTud Systems 
Ductile Steds 
DunlopHeywoodSt Co 
Dunton 

Duple Iritennational 

EBB. :'rf- . 

ESI London • 

Eadon Lockwood Riddle 
EagleStarlnsurance' 

East Midland Allied Press 
East Lancashire Paper Group 


British <Sl Commonwealtn 
Shipping 

BritishEIectricTraction 
BritishHomeStoies 
BritishlnvestmentTrust 
British Linen Bank 
BritishMohairSpinners 
BritishNational Life 


Commodity Fund Management East S imey Water 

CommodoreBusinessMachines EconomicForestry 

CommonwealthDevelopment EdinbuighAmencan Assets 

CommonWealthTradingB ank Trust -n i- 

CommunicationsManagement Edwanb,Bigwood&Bewiay 

CompagnieFrandaisede • E ectialnvesanent lrust 

- LAfriqueOcddental ElectraRisk Capital^ _ 

CompagpieLuxembouigeoisede Elecmcal ^Industrial Services 
-r cr- i a mmnl 


laDresdnerBarikAG 
Concentric 
Conrad Ritblat 
Consumers Association 
Conti-Commodity Services. 
Continental &. Industrial Trust 
ContinentalUnionTrust 


BritishNational Oil Corporation Control Securities 

^ i Mi or, 


BritishPetroleum 
British Railways Board 
British Sugar 
BritishVita 
BrixtonEstate , 

B roadstone Investment Tmst 

Brockhouse 

Brown ScTawse 

Brown, Matthew 
Brown Shipley 
BrownShipleyFund 
Management 
BrownStewart, Anthony 
Brownlee 
Bullough 

Bunzl Pulp & Paper 
Burgs' King Corporation 
BurmahOil 
Bumett&. Hallamshire 
Business Finance 
Business Traveller 
Butcher; Henry 
Butterfikd-Harvey 

CSJR 

CZA (Management 
Consultants) 

Cadbury Schweppes 
CanJ^ridge Water" 
C^mdenMototRentals 
Capital ScNationalTrust 
Capper-Nail 
Caidale Groves, Keith 
Cardinal InvestmentTmst 
CareRowland 
Cariess Cvpd ScLeonard 
Carr (Doncaster) John 




ConversationPieces 
Cooke &. Arkwright 
Copenhagen Handelsbank 

Copson,F 

Corah 

Corby Industrial Development 
Centre 

Corinthian S ecurities 
Comhill Insurance 
Costain Group 
Country &. New Town 
Properties 
County Bank 
Courtaulds 
Courtney, Pope 


Electricity Council 
Electrocomponents 
Electronic Rentals Group 
Elliotts 
Ellis, Richard 
Empire Stores 
EndeavourResources 
English Association, The 
English China Clays 

English &. International Trust 
EnglishSi. Scottish Investors 
Epicure \ 

Equity &. Law Life Assurance 
'Erdman Co, Edward 
Esperanza 

Essex Water . 

EstateDuties Investment Trust 
Estates Property Investment 

' Company 
European AmericanBank 
EuropeanB ank International 
European Investment B ank 
Evans ofLeeds 


v^ourmey, r upc — 

CcylumbridgeHik^kcndLodges Evans^or^gn^ __ 


Craigmoimtlnvestmerit 

Management 

Credit & Coramercelnsurance 

C redi tanstal t Bankverdn 

CreditBank 

Crewer & Nantwich 

Crodalntemational 

Crossfriars Trust 

Crouch Group 

Grown Derby/Royal Doultxm 

Crown Ea^e Communications 

Crystalate 

Cumbria. 

Currys 

.Da^’an 

Dai-IchiKangyoBank 
Daily Egress 
Daily Telegraph 
TheDaiwaBank 


ExchangeBuilding Commodity 
Syndicate 

Exchangeilnvestments 

Extd Group 

'Fairdough Construction 

Fairview Estates 

Family Investment Trust, The 

Federated Land 

Fennei; JH 

Fagusonlndustrial 

Ferranti' 

FichetFauche (UK) 
Fidditylnternational 
Management 
■ FiduaaiieMaidandSA ' 
FinanceMonitor 
FineArtD evelopments 
:Finlan,John 
Finkyjames. ' 


FinlihsonGroUp _ . ; . : ; 

First CasdeElectronics '.'‘-S 

Robert Flaninglnvestinent 

MaMgemerit =. ... L* 

Bk)^CditDe/Springddl 
Homes zi 

FloydOflPartidpations ' “ 

Fog 9 ity,E. " S 

Foord&Co,John 
FordMotof ^ 

F oreign& Colonial ^ 

InvestmentTmst ^ 

Forestry Commission - 
FosterBrothers Clothing ^ 

, FouritainFofeitTy £ 

FramHngtonUrat Management r 
Frandslndustries *; 

Fraser; Duncan C ' ^ 

Freemans 

FrenchKier £ 

Frost;AC • \ 

FullerPdser : * 

G El International * 

GLC/Doddands I 

GallifordBrindley .... 1 I 

GartmoreFundManagas I 

Night Club ••••■' I 
Gems International ] 

General Acdddat Fire Life 1 

Assurance ■ ’ ■] 

General &. Commercial ' } 

Investmeat Trust ... 

G eneral ConsolidcCted 
InvestmentTmst 
Gaieral Investors &l Trustees . 
GeneralMining and Union 
Corporation 
General Scottish Trust 
Gerrard&National Discount 
GillScDuffus 
. GlasgowHerald 
Glaxo 

Gleeson,MJ (Contractors) 
Glenrothes Development 
Corporation 
GlobelnvestmentTrust 
Glynwed 
Goddard&. Smith 
Goldfidds of South Africa • 
Golodetz,M 
Gopeng Consolidated 
JohnGovett' : 

Granada Groi^j. 

• '(.G t . 

. : GrangeTnist,The ; ■. . 

Grant &. Partners 
GrayDawesBank j 

Greater Manchester Economical f 
• Development C ouncil I 

GreatNorthemlnvestment- r / 
Trust, The j 

Gr^itPortland Estates • f 

Great Universal Stores j 

Green Hotel, The \ • 

Green Properties, R ! 

Greene, King&. Sons ( 

GrimleyScSon / : 

GrindlaysBank _ / 

Grovewood S ecurities j ■ 

- GuardianRoyalExcharjjge 
Assurance / 

GuardianlnvestmentTrust 
Guildhall Property / 

Guinness Mahon / • 

Guinness Peat Grcfcp 
Guinness & Son, Anhur 
Gulflntemational B ank 
HA.T. Group 
H&H Factors ■ 

Hales Properties Group 
Halifax B uildin^oriety 
HalljMatthdvf 
HallamOil 

t HalogenicProdncts Corporation 

HambrosBank 
Hamilton Oil GreatBritain 
HampsonIndustri.es 
Hampton GoldMining Areas 
Flampton & Sons 
Handdsbtatt 
Hanson Tyust 
s . Hardys &iHanspns 
[ty Hargrea\«s Group^ 

Harmony GoldMining 
Harris Cgieensway 
HarrisoS &- Crosfidd 
HarrisopMalaysianEsrates 
HartnefTaylor Cook 
. Haslet*re Estates 


High kndRftVjdanA 

Highlands^^t^ j 

mSamufcf . . 

HillSmid^j^r . ’ 



.if 


; TV '.T 


HomeGof t 
Hoipfrafe 


/.j 


Hon^oi 

Hongcoi 







Hparllfc . Sims &. Coggins 
He alef^Bakar . . 

Hdp^Afal 

Haic®r5o’ns Administration 

HenSsonUrntTrust. 

H^»rthCferainic 

HeripeFineArtCollection 

Hev^J& Sons (Fenton) ' 

He&n&tSon 

Hi(SigPentecost 

HirSon&Wdch 


Hongboi 

.-I' 

Human ^ ; - • • 

Hutton ; : - 

Hypob 

i.cf.c r vi ■••• " v 

I.CL. I 

LG.Iric «. w • : 

i.ML :l. 

ImperiJ dCommaSr^;: . 

Imperis d Continental ' . r 

^entlhveSm^The 
IndexI rinkedMortgage ■ 

Xnvei itment " ■ _ • - ■ . ; ■ > . 
. Instirc jiteqf Directors ‘ ^ 
Inter-f Commodities ■ 

Intent national CornttierddBarik 

ofCrhina : -'t 

. Intenj lanonallnvestmerirTrust, 

■ IntkJ.'iational Market 

D2vdopmdit : : : - r 1 . 

' .Integfriational Maxhant BarJc ; 

- (Nftigeria) - .. . • 

• 'In^emationalParoleum • 


ifntemational Thomson; ; - ' 

tntemationd.Tmiber 
flnterpartneis . 

InveStin Amdicas Cities 
Investment Calendar ■ _ 

Investment S^Pibperty Studies 
Investment Research y 
Investors Capitd.Trust ; . VD- jT. 
IrvmeDevelopme^Cpiixii^ 

Isle ofManBank 
Isle ofMan Government 

IstitutoBancario SanPaolodi .. 

Torino .^v. : 

IstitutoMobiliareltaliano . ... . 

lvory&.Sime 

JB.Holdings ■ ; ' ' \ \ 

JTDevdopment - - - 

Jarison, J &.HB 

Jacobs, JohnI . A. 

James Co, Roy 
Janeway Letter; Eliot 
Japan AirLines • .. t 

Japan IntemationdBank', 

J ardine, Matheson 
Jefferson Smurfit .' 

JeromeSt Sons, S 
Jessups '■ ' i. : ; 

JitraRubberPlantations;- 
* Jones (Jewellers), Ernest _ D 

Jones Ghina^eter • ; ?i 

J ones Lang Wootton 
KICA-Intemational 
Kakuzi ■ 

Kalamazoo 

KenningMotor V. 

Kent,MP # • / r-V-D 

KingScCo " * % 

King&Shaxson 

Kir&ldyDistria Council . y;' - 

KleinwortBenson. " ■ • , . •> 

Kluwer Publishing- C; • 
Knight Frank& Rutiey . • ; 
Kotobuldya 

Kwik-Fit (Ty^&Exhausts) 
KwikSaveDiscount • . 

L.C£Devdopments_ : ' 

Lacy Scott. - • 

. :LadiesPride - 

. LairigPropattes . .. • ^ D i: 

Laird Group,The. 

Lake^LElliot • v ; -• * v j > 

LakeViewlbyesttnentTrUst 
l^mbediBuddingSoticty- v ; 
Lancashire 

Land Authority forWdes * t v- . 
LandesgirokasseSmt^gart;:;'^ 
Landless Containers 
* J ^ndplaiL/Humberts. . - i‘ . . 





13 


'Financial Times Friday April 16 19S2 


Land Secxtrities Investment 
Trust; The 
Langford^ 

Lansdownelhimational ' 
LdwLand* • - * 


Lawrence, Walter' 
Lawrie,Alex 
Lazard Brothers 
Lead Industries 
.Leavers (Edinburgh) 
Lee Refrigeration 


ir\. - 

t?v' : 
:r 


Legd<$LGenerd Assurance . 
Leisure Plannmg/Investore . 
Plamto Association 
Lendu RnbberEstates 
Levy,DE&J ■ 

Lewis & Partners, Clive 
Life Association of Scot! and 
Life Co (KabushikiKaishalife) 
LiBey'FJ G . 

Linfood : 

LinkHousePublicatiotts 
Lipton, Anthony 
"Lister . . : 

LloydsBank 
Lloyds St. Scottish 
LombardBarik 
: London Brick 
London Business School 
LdncJonLife Association ■ 
LondonMerchant Securities 
London&. Holyrood Trust 
London<5c Manchester- 
Assurance 

London & Provincial Shop 
Centres 

London & Provincial Trust . 
London&Liverpool-Trust - 
London ShopProperty 
London &. Scottish Marine Oil 
London SumatraPlantations 
London Trust 

LondonUnited Investments ■ 
Long-Term CreditBank ofjapari 
LonsdaleUnivensal 
Loqjtek (E I C Electronics) Ltd 
LovdYJ 
Lowe,RobertH 
Lowe & Gordon Seminars . 
LowerSapeyPension. 
Management- 

Lufthansa . ■ 

Luxair 

LyntonHolefaigs - • - .-.-v " - 
Lyntown : / 

MJEJRO, - v 

• Macarthys Pharmaceuticals 
MackayHugh 
McCauI, Gilbert J 
McCorquodale 
McDanid&Daw 
McGraw-Hill B ook Company 
McKechnieBros 
Magnet& Southern 
Main& Co, Richard 
Malaysion International 

ShippmgCorporation 
Malay sian Mining Corporation 
Management Services of: v 
Guernsey 

/Manager - ■: 

ManchesterShip Canal 

• Mansell, R 
MansonFinanceTrust 

_ ManninTrustBank 
yV Manufacturers Hanover Trust 
C Co 

Marchmont Conferences 
Maigetts&Addenbrooke 
V Mazks& Spencer 
: : . Marlborough Property ^ 

' • . .Mariey Estates ' ■. 

y ; • M arston, Thompson & Evershed 
: Martonair International 
Marshall French &. Lucas . 
Martin,RP 

;; Mambeni Corporation 
Masonbrook 

j Matthews G oodman &. 
v Posdethwaite -. . . . 

i; Mav&Hassdl 
t. Medroinster 
t:. MeOershSt Harding 
i s Menzies,]ohn 
i V\ MercantileHouse/Simco 
f; Mercantilelnvestment Trust; 

- The . . 

!#■ • MercantileCredit 
;(■ -Mercedes Bens (UK) 

^Mercedo; 

\' r ( M erchantlnvestors Association , 
£ Merrill Lynch" ' : 

j£ Metalrax ; - • -■£ ^ ‘ ‘ ■ ' 

I] MetapdrtCpmmocteies 
h’| MetiopqUmBonxigh ofWigan 
v<;MSlG Group 
MiddHeEast Bank Ltd DUBAI 
i-iMidlandBank 
MkUandBankGroup h 


■. Midland BankGRUnit Trust ..... 
Managers 

-MldlandBanklntemational ■ - 
Micflaridlndustries ■ 

• • MidlandMontagueLeasmg ' 

• Mid Kent Water 

. Mid Southern Water - ■ 

MillsScWood 
Mining Supplies 
... Mitchell Cotts Group • • 
MistuiTrust&Barjldng Group 
. Monk, A. 

. M onks Investment Trust, The 
MontaguEvans 
. Montpdierlnternatianal 
Properties 

Mooigatelnvestment • 

Morgan Crucible 
Moigan Grenfell 
Morrison, Wm, Supermarkets 
Mbthercare 
Moundeigh Group - 
MountviewEstates 
' Mowlerajqhn ' 

Mucklow Group ■ 

• Murray &. Co,Hugh 
N.CJL . 

i NRJD.C. 

‘ Natior^l'B ank.of Abu Dhabi ' 

» National Bank of Australasia: 
National Bank ofDubai 
National Bank ofKuwaitSAK 
National Coal Board ■ 

National GuardianFinance 
Corporation 

National WestminsterBank 
National WestmmstierUiirtTnJst 
NationalerNederfanden 
•National Providentlnstitution _ 

. NationwideBuilding Society .. 
Neale^cAlldiidge 
■N ederlandse Middens tandsbank 
Nelson &Sons, Thomas 
Newman & Co, John F 
Newman-Tonks 
Newmark, Louis 
New Scientist 
New York State 
.Nichbols (Vimto) JN 
Nikko Securities (Eurbpe),The . 


Peaite,CH 
Pearson Longman * 
Pearson&.Son,S : 
PeadAssurance • 

• P^er-Hattersley ’ 
PeninsulaGroup ' 
PensioriAdvisers 
pQ>per An^iss Sl Yarwocd 
Pans Stores 
Phoenix Assurance 
. Pickernig&. Chatto 
PiersonHddring& Pierson 
Pifco., . . 
PiUdngtonBrodiers 
PillingTrippiercSt. Co 
Plaxton’s (GB) 

Playei;JohQ 

PlesseyCo,The 

Portals 

PorterChadbum 
Port Ever^ade Fomen Trade 


Newspapers 
Portsmouth Water 
Port Trading 
Post Office^ The 
PottetsPartners 
PowdlDuffryn 
Pratt Engineering, F 
Preedy & Sons, Alfred 
Premier Consolidated Oil 
Prescot Commodities 
Press &. Son, William 
Prestel 

Prestige Group, The 

Price Rantor&, Co, Chades ' 

Prontaprint 

Property Holding Investment -- 
Trust ; : 1 
Property Monthly Review 
Property & Reversionary 
Investment; The 
Property S ecurity Investment 
Trust 

Property Unfr Trust Group 
Provident Life Association of 
London 

Provident Mutual Life Assurance 
Association 
Provinsbanken 


Royal Insurance 

RTL Radio Luxembourg " . 

Ruberoid 

Rugby Borough Council 
Rugby Portland Cement 
RuncomNewTown 
Rush&. Tompkiris 
Rushton Son &. Kenyon, 
Edward 

RustenburgPlatinuinMines 

S.GB. 

S KE 

Safeguardlndustrial Investment 

St Godrids College 

StQuintiii 

SaleTUney 

SalmoriFarm 

SandhillBullion 

Saxmdets<Sc Partners, Richard 

Savills 

Saving? ScInvestmentBank 
Saxon Oil 
Scapa Group 
Scholes, George H 
SchroderMiinchmeyerHengst - 
&Cp 

Schrodo-Pioperties 
Schroders 
Scotcros . 

S cotsman Publications, The 
Scottish American Investment 
S cottish Amicable 
ScqttidiDevdopment Agency 
ScottishEastem Investment 
* ScottishHeritableTrust 
S cottish Investment Trust 
ScottishLife Assurance 
ScottishMetropofrtanProperty - 
S cottish Mortgage Trust 
ScottishMutual Assurance 
Society 

Scottish NewcasdeBreweries 
S cottishNorthem Investment 
Trust 

S cottish United Investors 
Scottish Woodland Owners 
Association 
Sears 

Second Alliance Trust 
Second City Properties 


StaffordshirePotteries " 
StagFumiture 

Stanbury& Brown • - 
SmdardCharteredBank ■ : 
Standard Life Assurance 
Stanley, AG 
StateBankoflndia 
Steel Brotheis 
Sterling Trust, The 
S tilesHorton Ledger 
StqckBeech&Go 
Stock Conversion. &. Investment 
Trust 

StockExchange 
Stockholders Invstmmt Trust, 
The 

StonehartSc. Chantry 
StoreyS on &. Parker 
Strutt & Parker 
Sturla 
Subaru UK 
Sumna; Francis . 

Sun Alliance &. London 
Insurance 

S uncoast Leisure Homes 
Sunday Times 
SunHungKai Securities 
SunLifeAssurance 
Sunderland &. South Shields 
Water 

Sutton District Water 
Sweet & Maxwell 
Swire &. Sons, John 
Swire Pacific 
SwireProperties 
Symmons & Partners, Edward 
Symonds Engineering 
Systime 
TOA/Intercom 
TJLEnetgy • 

TRW. Inc- 

Takeda Chonical Industries. . .. 
Talbot Motor 

Tanks C onsolidatedlnvestment 
Target TrustManagers 
Tarmac. 

Tate&Lyle 
-Tay&. Thames 
Taylor Woodrow 
Taylor WoodrowProperty . 



som 



k: 


doesn't it? 


b; 



.1928 InvestraentTrust; The ■ 
Nomura Securities 
Norcros 

NorddeutscheLandesbank . 

• LuxembouigSA * 

Northampton Development ' 
Corporation . 
NorthBritish Properties - 
Northern Engineeringlndustries - 
North West Securities 
Nottingham Manufacturing .. 
Nu-Swiftlndustries 
Nurdin(SL Peacock 
OFS Gold Mining 
Oates, Jeremy 

OceanTransport &. Trading . . 
Ocean Wilsons 
Oedikon Buhile AG 
Office Relocation Consultants 
OhioResources 
'Oil &. Associated Inv^tment 
Trust- .. 

CjkoBank : 

Old Court International 
Reserves 

Oldham Estates/D &.J Levy. V 
OpenUniversity Educational 
Ent. 

Orion/Royal Bank ofCanada 
OsakayaSecurities 
OverdaleHealthHotel 
Overton, Shirley &. Barry ■ 
OwenOwen 

QyesIntemationalBusiness 
Communications 
Pacific Cof^erMines 
PadangSwangRubber - 
Pan American Bank “ 

PanAimk^Wodd Airways ^ 
Inc - • £- 

Parsons&.Cb 
Paterson, Zochonis . 

Pauls (ScWhites 
PaX'-Kentlnrecnational SA 
Peachey Property CoiporaticHi . 


Prudential Corporation 
Queens Moat Houses 
Qufitxr GoodisonSc Co 
RJLT. 

RP.Wirtschaftsfbrderung 

Rabobank 

Racal Electronics * 

Rad>um Investment Trust ' 

RafidainBank 

Rainford Venture Capital 

Ramar Textiles 

Ranks Hovis McDougall 

Rai^rneHoffinamPollard 

Ransome Sims &. J^ies 

Ravensefr Industrial Estates 

RedfeamNational Glass 

Rediffrision 

Redland 

Rouges Assurance ' 

RegencyHotd 

R^jonal Properties 

Reliance School oflnvesttnenr 

Rembia Rubber 

Renold 

Ricardo ConsuItingEngineers . 
Rio-Tinto Zinc Corporation ■ 
Ritblat; Conrad 
River PIate&. General 
Investment Trust 
Robea? 

. Robinson, WH 
Rohan Group 
' RolincoNV 
Romney Trust 
Ros# Holdings 
Rothschild,NM 
. Rouse, RJ 
-• RoverCarHire 
Rowiinson Constructions 
RowntieeMaddotodi 
Rowton Hotels 
Royal Bank of Canada 
RoyalBank ofScodand 
Royal County ofBedcsbire 
.RoydDutchPetrofeura 1 : v 


Securioor Group 
SecurityPadfic ■ * 

- Sedgwick 
Seekers 

Seeko Industries 
Sharp UnquotedMidland 
Investment Trust 
Shell UK Oil ■ 

Shidstar Container Transport 
Showbiz Car Club 
Sileintriight 
SimeDarbyBerhad 
Simpson, S * . 

Sinclaii;PJ 

Singapore Para Rubber 
Singer Friedlander (IOM) 
Sirdar 
600 Group 

SkandiaLife Assurance 

SkandinaviskaEnskildaBanken 

Sketcbley 

SkiptonBuildingSodety 
Slavenbuig’s BankNV 
Slough Esrates 
Smart (Contractors) , J 
Smith, DavidS 
Smith Keen Cutler 
Smith MelzackSc. Company 
Smith, WH 
Smiths Gore 
Smiths Industries 
SorieteGenerale ■ 

Societe Generale deBanque 
Society GeneraledeBelgtque 
Society ofPension Consultants 
SolarEnetgy 
SoundDffiision 
South African Embassy 
Southern Goldfidds 
Special Services 
Sphere InvestraentTrust 
Spirax-S arco Engineering 
SpiadeyScCo 
Spring DaleHomes 
Squires Guide 


Technology Investment Trust 
TdephoneRentals 
Tdford Devdopment 
Corporation 
TendringDistrict Council 
Thermal Syndicate 
Thomas Tilling 
Thorpe & Partners, Bernhard 
Thorpe, FW 
TilhiU Forestry (Scotland) 
TolleyPublishing 
Tomatin Distillers 
Tongaat Corogroup 
Tootel 

ToucheRemnant 
Tower Fund Managers 
Town &. City Properties 
TozerKemsley &. Millboum 
Trade Development B ank 
TrafalgarHouse 
TrafalgarHousing (HongKong) 
TraffordParkEstates 
Trans-Oceanic Trust 
TransparentPaper 
Transport Devdopment Group 
Travis & Arnold 
Trevor.&.SonsJ 
Triceniroh - 
Trident Life Assurance 
Triefus 

Tring Hall Securities 
Trollope & Sons, George 
Trust Securities 
Trust Union, The 




Trustees Corporation, The 
' . TiusthouseForte 
Tubelnvestments 
Tugu Insurance Co - * 
TunndHoldings 
TumerLangCommodities 
Turner ScNewall 
Tyndall &Co 
Tysons (Contractors) 
UBAEAiab German Bank 
UBAF. 

U.C. Investments 
UKWallace 
Ultramar •. 

Union Assurance Society of 
Canton 

UnionBank ofNorway 
Union Bank of Switzerland 
Union Miniere 
Unitech 
United Biscuits 
United British S ecurities 
United CityMerchants 
United Mizrahi Bank 
UnitedNewspapers 
United Overseas Bank 
United Real Property 
United States Debenture 
United States &. Genoa! Trust 
Usher-Walker 
\AT Watkins 
Vail&.Son,LS 
Vanbrugh Life Assurance 
: . Van Ommeren 
Vickers da Costa 
Vigers.. ■ 

Vinten 
Volvo AB 

Volvo Concessionaires 
W.GL 

Wade Potteries 
■ Wagon Finance 
Wagonlndustrial 
Wdco Securities 

WaldranCommodities 3 Andrew 
Ward& Goldstone • 
Ward,ThosW 
Warren. Cameron<St. Co 
WairenPlantation 
Warrington & Runcorn 
Devdopment Corporation 
Warrington &. Sons* Thomas 
Washington Devdopment 
Corporation. . 

Waterford Glass ■ 

Wares 
Watmoughs 
Watts, Blake, B eame 
Wegtherall Green &. Smith- 
Weatherall Hollis Gale 
Webster 1 
Weeks Petroleum 
Welsh Devdopment Agency 
Wesselius &. Co BY H 
Westdeutsche Landesbank 
Girozentrale 
West, Roy- 

West Hampshire Water 
Westland Aircraft 
WestMidlands County Council 
Wheelock Marden 
Whitbread... 

Whiteeroft 
Wider, Anthony -. 

Wigan MetropolicanBorough 
Wiggins Construct 
Wilkinson Warbuton 
Williams & Glyns B ank 
Wills &. S ons, George 
Wintrust 

Winterbottom Trust 
Woodside Petroleum 
Wolverhampton &. Dudley 
Breweries 
Wool worth, FW 
World Money Analyst 
Wormald International 
Wrexham Maelor- 
Yachiyo Securities . . 

Yamaichi Securities .. 
Yapi-KrediBank . . . 
YasudaTrust & Banking 1 
YeateSjWS: •. 
Yeomanlnvestment - 

Young Companies Investment ‘ 
Trust 

YoikWaterwoiks 


FVSftF 




• Financial Times Friday April lfc 1982 


Liverpool Exchange 
to be redeveloped 


THE PROPERTY MARKET BY MICHAEL CASSELL 

Brussels still waits for the upturn 


ENGLISH INDUSTRIAL Estates 
is to develop a 200,000 sq ft 
office scheme on the former 
Exchange Station and hotel site 
in the centre oF Liverpool. 

EIE has houglit the five-acre 
site from National Car Parks, 
which will take back a short- 
term lease until building starts. 
The planning application is ex- 
pected to be lodged with Liver- 
pool by June. Matthews 
Goodman and Postlethwaite 
acted for E1EC in the purchase. 

Mr Bill Locke. North West 
regional estates manager of the 
corporation, refused to be drawn 
on the cost of the speculative 
project, bur it is believed to be 
well over £ 10 m. 


Shied Away 


•• We would hope to sell the 
investment to the private sector 
on completion in about two 
years' time.” he commented. 
“There has not been a lot of 
office development in the city 
over the past two years because 
people- have shied away from 
Liverpool and its problems. 

*‘But those which have taken 
place and which have been built 
to a high quality have been let 
very quickly. There is definitely 
an opening in the market for 
another high-quality develop- 
ment,” Mr Locke added. 

This development takes the 
English Industrial Estates 
Corporation into the office 
market for the first time. Under 
new powers provided in 1931 it 
was given more freedom by the 


Government to look for develop- 
ments and allowed to go beyond 
its factory building activities. 

EJE has already taken advan- 
tage of that freedom in Liver- • 
pool to set in motion the 
redevelopment of the 21-acre 
Tate and Lyle site for housing, 
parklands and recreational 
activities. 

These two developments can 
be seen as the forerunner of 
the way EIE is going. It is 
dearly finding the letting of 
smal factory units more difficult 
and will increasingly be looking 

for other types of development 
to undertake. 

The North West accounts for 
about 40 per cent of EIE funds, 
which totalled £50m in. 1981-82 

and are expected to be slightly 
lower ihis year. On Merseyside 
alone it has built over 500 fac- 
tories, amounting to 3m sq ft 
of space of which about 2m sq ft 
is now occupied. Whether Live'r- 
pool -is an appropriate venue for 
such a bold departure in policy, 
only time and tenants will tell. 

The office scheme could pro- 
vide accommodation for 1,000 
jobs and Mr Geoffrey Robinson, 
chairman of the EIE, said yes- 
terday that the development 
would prove attractive to pros- 
pective employers. Mr Patrick 
Jen bin. Secretary for Industry, 
said be had given his “ whole- 
hearted support” to this new 
initiative because Jobs in ser- 
vices and commerce were just 
as vital to the health of Liver- 
pool as those in manufacturing 
industry. 

ANTHONY MORETON 


"THE RULE is. jam tomorrow 
and jam yesterday— but never 
jam today." Alice might have 
been peering through her look-r 1 
ins-glass at the Brussels office 
market, which, always serais so 
full oF promise and yet falls to 

fulfil its potential. 

British estate agents, who 
dominate the Brussels lettings 
market, have regularly -forecast 
that rents and property values, 
having languished during the 
middle and late 1970s, are 
poised to enjoy a period of 
solid ■ growth- 

So far, however, this confi- 
dence has not been matched fay 
performance in the market 
place. Neither has the agents’ 
most recent optimism been 
shared by the majority of inter- 
national property investors and 
developers. British investors are 
particularly chary of- a market, 
where so many developers got 
their fingers badly burned in 

the 1970s. 

• At the heart of investors’ 
reservations' is. concern about 
Belgium's sick . economy and. a. 
-volattie political climate which 
in the early mouths of 1982 has 
. generated mounting social 
unrest. The country had one of 
Europe's highest unemployment 
rates — 14.7 per cent in March. 

The devaluation of the 
Belgian franc in- February— the 
first formal devaluation made by 
The country, since 1949; — will 
not have helped restore inter- 
national investment confidence. 

In such an economic, and 
political climate it would be 
unrealistic to expect tater- 
nr.ttonol investors to return to 
the Belgian real estate market. 
But ihere are some positive 
things to say about the 
l Brussel's office sector. 


The vast oversupply of office 
accommodation, a legacy of the 
early 1970s braiding boom. has 
been steadily eroded. Shortages 
of first class, large office units 
in the principal business 
districts are apparent. Strict 
planning controls and the lack 
of any significant building pro- 
gramme point to continuing 
shortages. 


Rising 

Rents at the top end of the 
market, in areas of greatest 
shortage, have been rising 
steadily if uu dramatically and 
now look set to break through 
the BFr 4,000 per square metre 
barrier. Expressed in Belgian 
francs, rents for the best space 
have now surpassed their pre- 
vious peak of BFr 3,750 per 
square metre in 1973. Recent 
rises, (however, have to be set 

against inflation and movements 

in exchange rates. . . . 

A - recent study by British 
agents Jones Lang Wootton and 
the Uulversite Catholique de 
Louvain (UGL) illustrates how 
the stock of - empty offices in 
Brussels — particularly new 
space— ris continuing to reduce. 

At the end of 1980 it was 
estimated that there was ap- 
proximately 148,000 square 
metres of new office accommoda- 
• tion vacant and available in the 
city. By the end of last year 
this total had reduced to 57.000 
square metres. ^ 

The proportion of new vacant 
offices on the Brussels market 
has now fallen to just 1 per cent 
of the total stock of new offices, 
according to the JLW/UCL 
study. 

Some of this reduction, how- 
ever, reflects the movement of 
tenants from older accommoda- 


tion to better cfliaiity space^Tbe 
total of empty second-hand office - 
space,. is still rising and last year 
increased from 236,060 sq metres 
to 327,000 sq metres. .. 

Nonetheless, Jones Lang 
Wootton — a long-time supporter 
of the Brussels office 'sector--* 
correct to stress that .the funda- 
mental determinant within the 
property market, the balance 
between supply and demand, is. 
more soundly based than for 
many years. 

In their latest report, - the 
agents state: ‘'Very few possi- 
bilities now exist for medium, or 
large units of accommodation 
and this led to a shortage in 
the Twain business district of the 
Quartier Leopold. " ' ' 

“As few new buildings will 
come on to the market in the. 
foreseeable future, the pressure 

on .-this type Of accommodation 
will increase and 'almost cer- 
tainly lead to. ah' acceleration in 
the increasing rents which ^ are 
now starting to be evidence.” 


Sluggish 

But while new space in 
particular will be increasingly 
constrained, demand for accom- 
modation may also be sluggisb. 
Brussels draws its office tenants 
from four main sectors. 

• National industrial and com- 
mercial companies. With the 
Belgium economy in the 
doldrums new investment is 
likely to be curtailed. There is 
already a tendency for com- 
panies moving buildings to take 
less rather than more space. 

• International companies. 
Worldwide economies are under 
pressure. This must affect the 
willingness of companies to 
expand and pay higher rents. 

• National government. The 


new administration under Prime 
Minister Mr Wilfried Martens 
is committed to reducing public 
expenditure. However moves to 
devolve power to take account 
of the aspiratiohSibf -the Flemish 
and French speaking -popula- 
tions may. strangely enough, 
assist the Brusgel&oMce market 
Regional bureaucracies and 
pressure groups display every 
wish to reman' in Brussels, 
close to the seat.” of Govern- 
ment • . .. 

• The EEC. . Brussels * is. th e 
headquarters of the European 
Community. This market - offers 
the best prospect for expansion 
as new countries coma within 
the embrace of the EEC. r 
Bat before: new building is 
likely to become attractive rents 
will have to rise to arwmd 
BFr 5,000 per sq metre, Belgium 
institutions meanwhile face the 
counter attractions of compara- 
tively higher returns available 
on Government- stocks. As far 
as the property market is- con- 
cerned. it still may be a rase 
of “jam tomorrow,” -with a full 
recovery in the office market 
likely to be delayed until the 
• economic situation, both ■ at 
home and overseas improves. 

ANDREW TAYLOR 


Rights issues come 
under attack : 


• Mr Hany Hyaans’ Oldham 
Estate is poised for a period 
of expansion* That, at least, 
is the message to be drawn 
from a characteristically brief 

statement outlining its inten- 
tion to expand its investment 
portfolio and step up develop- 
ment activities. The emphasis 
on both fronts will be on 
offices and Oldham will be 
particularly interested in 
opportunities to develop or 
refurbish offices in the south 
east in excess of 30,000 sq ft. 


the APPARENT determine - 
ation of a growing number of - 
properly ccmpanies to make : 
.rights issues a way of 
-rather than a once and for all 
affair has this week come under 
fire from Bow Bells 
City home of brokers W. Green- 

^The firm’s property 1 team, 
Keith -Crawford and .Ahm 
Tonflmson, do 

they see and claim that the. in- 
stitutions are ' themselves to- 
Variably reluctant 
In a trend which is establishing 
the rights option as a <» ntmau J! 
Elution to . problems of 
property financing- 
Their- comments come, days 
after Hraunerson’s 
raising Issue and, altiiough-thsy 
point out that 

exercise V came complete with 
tire best .possible explauatLOiK, 
they emphasise that the claimed 
advantages still, in the absenra 
of adequate valuation ms- 
riosurqs, have to be taken, on 

^ Given Mr Sydney Mason's 
well-known views on the neea 
or desirability for such 
closures, his respa usem 

sort o£ jibe is not difficult to 
guess, though his corporate 
stance (if not his private view) 
on matters of valuation 4s now 
being changed for loin, by new 
accounting standards. • . 

As for the rest of the sector,. 

Greenwelis say some companies 
have over the past three years 
been, prepared, to bear mum 
higher -levels of asset dilution 
as the penalty for pre-finanemg. 
future development projects out 


-of equity.-- Whatev^. the 
reasons advanced, ' investment, 
funds are appar^ntiy^tfecoxhing 
increasingly : tiled .^/taking ; 
such a range of 'piroperiyrpaper 
on board. . j. ; - 

* The brokers point that, 
to the “trafilttonallv twoperty 
: ideveloper. .the- issue of sights 
pspef is heresy' and companies 
like ■ OiesterfiSd . 

Land Investors., and S««k Con- 
version ■ have not finbhted for ' 
many years,' often rTea&ding 
large 'and ,u»w£fi^\ tefly- 1 

shareholdings.^ '.*■ V. u- 

The big (Usatfrantage-^mtial 
! -dSution apart-^-fs uneasy 
feeling that. if. interest: rates 
i remain high in real te wu^- t fen 
; individual companSe* 1 . ,m$y be 

- locked into a recurring rights 

- patterns- Names like Saganer- 

! - sop, Haslemere a nd: M tefrC have • 

each- notched .OP Iwsrfcwtesin 
i - the last three years and^3reen- 
I wells would cleariy not be sur- 
1 prised to see them h«* for 
. more before long. “ • ■ . 

The likelihood that (he rights 
s issue will remain a ' teadinr 
1 option for property, groups 
y pieces a note of uncertainty 
t over the property sector and the 
> brokers say this, farinr alone 
B iustifies discounts m the sector 
\ remaining at ;tiu?Lr: present 
J- : historically high levels. - . 
y With the institiitiqns takine 
up lights fcihies . on financing 
■ terns generally less favourable 
s than those which would appl- 
s if an individual institution was 
h subscribing finance ■ as- - & three! 
tt line, the argument tor lower 
e share prices/taigier discounts 
A looks even stronger. , 



SUPERB 

HEADQUARTERS 
OFFICE COMPLEX 

Office 7655 sq.ft. 
Storage 3445 sq.ft. 
Residential 2172sq.fL 
Total 13272sq.fL 


* Full Central Heating 

* Extensive car parking 

* Detached Guest Residence 
•ft Staff Accommodation 


HOLBORN OFFICE BUILDING 

7000 sq.ft. 

SUPERB1Y DECORATED 

UNDER £6 sq.ft. 

INCLUDES 

EXCELLENT STORAGE FACILITIES 


CHARTERED SURVEYORS 


14-15 Crawford Mews.'lfark Screen London WTH 1PT 

01-724 344B 


Knight Frank&Rutley 

2TS 01-629 8171 


Set in grounds of 12% acres 
Laid out as formal 
gardens and paddocks 

FOR SALE 
ORTO LET 

38 Commercial Way 


Surrey GU211EN 

Woking (04862) 70701 



NEW INDUSTRIAL & WAREHOUSE DEVELOPMENTS 


First Announcement 

HEATHROW AIRPORT 


6660 sf. to 13320 sf. 

• High office content 

• Prestige Main Road location adjacent 
to Heathrow. . . 

Joint-Agents: Dunphys 


KINGSTON, SURREY 


9500 sf . to 49400 sf . 

immediate occupation 
■ Joint Agents: 

Debenham, Tew son & Chin nocks 


WOOBURN INDUSTRIAL PARK 
WOOBURN GREEN. BUCKS! 


5824 sf. to 33720 sf. 

Joint Agents: Conrad Ritblat 





dive lewis 
& partners 


16 STRATTON STREET 
MWFA1R LONDON W1X 5FD 

01 4991001 


for Industry 

ALTON 

Industrial/Warehouse Units 

.5,250-10,500 *q ft : 

Immediate Occupation 
TO LET 

FAREHAM 

Factory /Warehouse . . . 

4.000-31,000 sq ft 

Immediate Occupation 

-TO LET. 

HORSHAM 

New Factory Units 
■. 7.975-39.040 sq ft 

TO LET 

LONDON, S.E-15- 

Modem Single Suomy yVk^house whh Jtrge Yard 
tM'JODjq-ft ..- 

ffiSSHTSEa) : s, 

Peterborough 

41 730 sq ft on 6.95 acres 

BaasaSsivtow ■■ 

RUSHDEN 

85.500 sq ft on 738 acres : 

Industrial Complex 
FOR SALE/TO LET 

SLOUGH 

Single Storey Factory . 

10,275 sq ft . 

LEASE FORSALE , . > 

STRATFORD, E.15. 

33,000 sq ft 

Factory - . 

FOR SALE fREEHQLD . 



»i»AVis 


Gooch:: 

Wagstaff 

5ur>^7-* r * 

T.T.'.'jt'.'l M'FV! ; • i 1 r« r C*v 

01-24E 2044 


Joint sole agents: 

KH»g» Court, ExchaunsyeStnprt, 

Manchester M2 3 AX. Telea; B»742» 


WEMBLEY MIDDX 

We^Equipped Modem Industrial Building 

134,000 sq. ft approx. 
FOR SALE FREEHOLD 


KELVIN AVENGE 

BEDFORD 

SINGLE STOREY IND/PREMISES & LAND 
50,000 sqiL on 5 acres approx. 

LEASE FOR SALE 


WHITEFRIARS 

INDUSTRIAL estate 
HARROW, MIDDLESEX 
ViftREHCXJSE/ INDUSTRIAL UNITS ’ 
•from 350020,000 sq.ftapprax. 

Fully fitted out including heating Slicing 


CRASfFBELDS IND PARK 
BROMLEY KENT 

Light Ind/Warehouse Units ' 
]D,000-80,000 sq.ft.appm. . .. 

TobelxnittDtenantsrequirer^ . 



Prestige single storey 
factory TO LET 


til 


Would divide to prewide 

nnitR from f^OOO sq.ft. 

Plus afurther8new single storey units of 5X)OOsq.ft each 


ALLSOP 

&co 


21 Soho SoiMf« London W1V 6AX 

01-4376977 



01-930^1070 


Edate House. 130 JermynSuea. 
LmtaiSWW4UL1etex 267781 


061-834 1814 


BuunuiiiiMMnini 


•KnrwABHiewr 



FULLER 

PEISER 


Char.lLKHi 5unc>or-v 


18 Botton Street 

Mayfair 

London WIY7PP 

01-4998931 

miDuptmEU _ 



WEST NORWOOD, S.&.27 

Recently constructed - . 

FACTORY 

high office content 

1 0,800 sq. ft 

for sale 

EDWARDSYMMONS Tel 01-834 8454 


FREEHOLD 

Modern Warehwse/ 
Office Bdiidtag 


72ie bulMlng has th* bertffit of .« 
- lull Class 1 1 office «*; 

FOR SALE WITH 

VACANT POSSESSION 

MILL RILL, RW7 

Lift CH. 2- ... : 
Extensive Garaging/ ParWnX 
Offers Invited in the region o 


Jomt Agenc: 

WHITE MICHAELS * CO. 
01-487.4305- 

KENNETH BROWN A CO. 

01-629 6102 . 

DRUCE & CO. 01485 1252 


EDUCATIONAL/! 
INSTlTUTiONAL 
.. PREMISES' . 

TO LET r .•••: 

- Closa-To Ytsterfob'Sutian 

Approx. MO® *q- ft. 

CompriaingL officoa. ^toris, sj™™ 5 
communal .and Indjvtdua^ moms 

* Suteb?e tor various u»« 

• " (Subject fo ffiemwnRU . 

DANIB. SMTlW: V, 
157 Kenninston Lanj^ioedon, « 
01-S82.656O 


ARUN DtSTRlCT XOWjS* 






56/62 Wilton Road. London SWI.V 1 OH 






















Financial Times Friday April 16. 1982 




AIR CONtilTlONED OFFICES 

dOSE TO THE BANK OF ENGLAND 


UXBRIDGE DENHAM 

FOfi SALE TO LET 

Single Storey Faprory with Offices Modem Single Storey Warehouse 
.HJOO^jft - 24,500 sq ft 


OFFERS INVITED 


OFFERS INVITED 


By Order of The Trustee s of The Uxbridge United 
’ ' Reformed Church Charity 

UXBRIDGE 

Site for 12,000 sq. ft. (net) 

OFFICE BUILDING 

Offers Invited 

' - For further details of t be above apply : 


DAVID ROUTtEDGE 

mmmmm fju.g.s. 

Gartered Sarwor - 


49 Belmont Road 
Uxbridge ■ 

Td: 0895 31069 


■Ulwjtiiiij.n 


■ LINCOLN. 


43,144 sqot. Modem 

\t&rahonse/Offices/Yard. 

Heating ft lighting,!!) Let £40,500 pA. 


„ EASTBOURNE. 


Warehause/Yard/Offices. 20,600 sqifc 

■ To Let on 7 year lease without review: 
IfliOLAfKDla Stiles Horton Ledgen 0323 88244. 




rnwaii Street 
Biiwincjhanv B3 20H. 

021-233 3163 


2 St Jamess Terrace, 
Nottingham NG1 6FW 

0602411200 





HOUNSLOW, Middx. 

MODERN 

FACTORY/WAREHOUSE 

HEADQUARTERS BUILDINGS 

11,270 & 16.000 sq. ft. 

FOR SALE 




-feL0F834©454 


5fl/62Witan Rcud. London SVV! V I DH 


BLACKHORSE TRADING ESTATE 
COVENTRY 

2,7-acre. site for sale with planning permission for 
5.0,000 sq. ft. industrial units — Adjacent to railway 
sidings— Junction 3 of M6 only two miles. 

Apply: 

GALE & POWER 
132 High Street, Staines, Middx. 

Tel: Staines (0784) 59100 


FOR . 

INVESTMENT 


PROPERTY 

WANTED 


FIRMS OF ESTATE AGENTS/ 
SURVEYORS ^FROFERTf 
MANAGEMENTS IW - 
WEYBRIOGE. SURREY 
Also tequired to purcheM pro perry 
companies UirOUgltOtK London end 
Home Counties 

Detail* in Strictest eonfnfwtpr to 
Box TSS62. financial Tunas 
to Cannon Street. EC CP 4gf_ ■ ■ 



FACTORIES AND 
WAREHOUSES 


KlSricoWtNtaW. CBlH 


FOR SALE 
BY TENDER 



C£ 

LU 

Q 

Z 


< 

z 

Li. 


SUTTON, SURREY 
246/254 HIGH STREET- 

TOWN CENTRE SITE 
FOR MIXED OFFICE/RETAIL- 
DEVELOPMENT 

DETAILED PLANNING •• 
CONSENT 

FOR 33,000 SQUARE FEET 
GROSS APPROXIMATELY 

FOR SALE BY TENDER 
CLOSING DATE 
NOON..28TH APRIL, 1982 

FULL DETAILS FROM 
SOLE AGENTS AT 

■ 23 QUEEN STREET 
LONDON EC4R :8E 
TELEPHONE: 01-248 5022 
TELEX: 8812793 
REF: REASJNH 


Chestertons 

Chartered Surveyors 

For all commercial property 


BYDMKTXJN OFWtJKBIG BOROUGH COUNCt 

Prime Freehold 
Off ice Development Site 

GUILDFORD ROAD, WOKING 

Planning Permission 
90,000 sq. ft. Offices 

FOR SALE BY TENDER 

(Closing date noon 7th June1982) 
PROP0?1YCX)N51IJANT5 



mm 


CHARIER SURVEYORS 


7DJ«nnyn Street London SW1Y6PE Tel: 01-330 1090 


SEVENOAKS 

KENT 

Cold Stores 
& Warehouses 

FROM 

• 21,500 sq. ft. 

TO 

Approx 1 , 000,000 cubic ft. 

TO BE LET 

Knight Frank&Rutley 

20 Hanover Square London W1R 0AH 
Telephone 01-629 8171 Telex 265384 


KF 
+ R 


“-ass. 


FENCHURGH STREET EC3 

PRIME AIR-CONDITIONED 
OFFICES 

10,700 SQ. FT. TO LET 

Sole Agents: 


flmpu — Vdnn — FSatrAgaat 
3HANOVER SQUASH LONDON WlXiDQ 
. •mrp HrgCF.m^aagt-i 


Salisbury, Wiltshire 

Excellent Freehold office building 

6,320 sq. ft. approx. 

For Sale/To Let 
Price/Rent on application 

Write Box TJr668, Financial Times 
10, Carman Street , EC4P 4BY 


For Sale bjr Private Treaty 

SCOTTISH BORDERS 
FIRST CLASS WOODLAND 
INVESTMENT 

276 Acres Mixed Age Clan Woodland 
Mainly Scot? Pino of prime quality situated 4 miles .south easr of 
Jedburgh. {bcceUftnt soil. Level site. Good access 

■- for full particulars apply: 

The Factor. Lothian Ecfetra 091 ca, Jadfaiirph. Baxbergbshno TOB 6UP 
Tei: Jedburgh (£83561 2201 


St* Alphage House 

LONDON WALL EC2 

lj780sq.fi. 

OFFICES TO LET 
Johnson, Wright & Parts 
Telephone: 01-236 8816 



LIVERPOOL 

173 Regent Boad 

LEASE FOR SALE 

STORAGE ACCOMMODATION 90,138 sq. ft. within a parabolic shaped 
reinforced concrete building. Length 543', width 166', maximum height 
86'.. Floor designed for heavy loading.. 

DETACHED BUILDING 5,000 sq. ft. comprising offices, locker rooms, 
kitchen and dining room, central heating and car park. 

ALTERNATIVELY the building is ideal for use as an indoor Sports / 
Leisure Centre. 

Offers in the region of £320,000 


\V. Berry Templeton 47 Great Russell Street. 

ltd London WC1B 3PA 

Property Co\si lta\ts Telephone: or 637 4577 




Debenham Tewson 
St Chinnocks 

Chartered Surveyors 

44 Brook Sheet London Wj YlYS 

01-4081161 


11 Charles Street 
Mayfair, London W1 


Wmfr- . 

\\%il 

m 


1 ! 





An exceptional self-contained office building 

with ancillary residential accommodation 

refurbished to provide 7515 sq ft approx. 

To be let 




For sale on the instructions of the Joint Receivers and Managers 

THE QUAY HOTEL 

POOLE, DORSET 

* New four-star luxury Hotel. 

* 68 bedrooms all with bath. 

* Consent for further 52 rooms. 

* Harbour location close to Centre 
of expanding Town 

All enquiries and viewing through Sole -Agents 


TaylorRose 


01-492 1607 

27 ALBEMARLE STREET, LONDON, WIX 3FA. 


52-53 South Edwardes Square, 
London W.8. 

AMODERNPURPOSE-BUILTBLOCK OF7ENFLATS AND TWO 
GARAGES IN A PRIME RESIDENTIAL LOCATION. OVERLOOKING 
ONE OF KENSINGTON’S. MOST ATTRACTIVE GARDEN SQUARES 

Freehold — and completely ‘unbroken’ 

Available With. Vacant Possession of Five Flats 
and Both Garages and Otherwise Subject to 
StatutoryTenanries. 

For Sale by Tender dosing 13fhMay 1982 

Vendor’s Sole Agents 

W 7 A fti'll T TC TMBromptcm'Road, London SW31HP. 

rjLljlO 01-5892425 (tries 943763 CROCOMGWAE) 


ROCHESTER AIRPORT 

Factory/Warehouse To Let 
Last remaining unit 4,600 sq.ft. 
Beside M2 (Junction 3) 

Close to M20 and M25 

Walter & Randall 
Tel:0634 41233 


NEW OFFICE, 7,000 sq. ft. 

An individual office building in prominent High Strut position on Fulham 
side of Putney Bridge (500 yards) ready lor occupation summer 1983. being 
buiti to very high soecvtacstien .with hit., csrpeting, car packing, me. A 
lorweid letting is sought and lor details o( lease contact: 

NIGHTINGALE DEVELOPMENTS LIMITED 
82 Richmond Road 
.KmgttDn-upon-Thames 
Surrey, RTS SEW 
Telephone: OJ-S46 9563/4/5 


LUTON 

.IDEAL LOCATION CLOSE TO M 

17,500 sq.ft. MODERN WAREHOUSE 

Built 1973 

£1.75 -per sq.ft. 

. PLUS RATES . 

Unloading , Recording . Despatching and Transporting 
of Goods available 

FRANCB UTTLE ft SON LTD. Tel: Luton 51461- - 


Bath S miles. Chippenham 7 miles. M4 4 miles. 

A CONVENIENTLY LOCATED AND 
SUBSTANTIAL MANSION 

Modernised Convent and purpose-built School. 
About 39,000 sq: ft. 

Chapel. 2 Period Houses. 5 Cottages. 3 Flats. 
Farmland. 

ABOUT 126 ACRES 

For sale as a whole or in 5 lots. 


Joint Agents; 

CLUTTONS. Bath (Tel: 0223 64214) and ' 


(RG/70519) 


Knight Frank&Rutley 

20 Hanover Square London W1R QAH 
Telephone 01-629 3171 Telex 265384 


SOUTHAMPTON 

FREEHOLD OFFICE INVESTMENT 

FOR SALE 

NET aOOR SPACE — 11,670 SQ. FT. 
INCLUDING LOWER GROUND FLOOR 

CURRENT INCOME — £17,375 PJV. 

★ 

MAJOR OCCUPIER— 

. THE INDEPENDENT BROADCASTING AUTHORITY 
SUBSTANTIAL RENT REVIEWS 1983 
PRICE £260,000 SUBJECT TO CONTRACT 


fommercial 

ouimnGnsunveyou 


Details from: 

SUTTON HOUSE 
4 BRUNSWICK PLACE 
SOUTHAMPTON SOI 2AN 
TEL: 0703 35333 


✓—MILTON KEYNES- 

IN THE HEART OF THE 
NEW CENTRAL BUSINESS AREA 

OPENING EARLY MAY 1982. 

SILBURY BUSINESS 
CENTRE 

• Hire furnished and serviced suites, 
offices, (or just a desk). 

Small conference/meeting/interview rooms. 

-A Facilities, secretarial services and communl- 
cations to highest business standards. 

• Immediate occupation, no legal formalities, one 
hour to three months, or longer. 

For details call Alan Punchard today on 

(04912) 5881 


PROPERTY APPOINTMENTS 


Senior Leasing 
Executive - 

NewY&rk 

Our Midtown New York leasing department has a 
requirement for a Senior Executive.The right person 
niust have at least 7-10 years leasing and agency 
experience with majoroffice developments. ■ 

This experience should include managing and directing 
agency marketing programmes, supervising agency 
teams and negotiating substantial leasing transactions. 
It is expected that the successful candidate would be of 
such calibre to become a partner of the firm vrithina 

short period. 

Some knowledge of the Manhattan marketwould be 
helpful but is not essential. 

AH replies will be held in absolute confidence: 

Write: M T Myers asc. fr i cs. or'S J MildeArucs/LC Baucom 
Jones Lang Woottan Jones Lang Wootton 
103 Mount Street 499 Park /Venue. 

London W1 New York, NY 10022 


Jones LangWfe<e?2iJ@ffri 

' v » ' l ? ^ ChjrtL-urtfSurveyorK 























Financial 'Times Friday Aprfl i6 ISS2 - 


150,000 sq.ft. 



Complex 


250,000 sq.ft. 
Warehousing 


FOR SALE FREEHOLD 
TOGETHER or SEPARATELY 



OF INTEREST TO OCCUPIERS AND DEVELOPERS 


NEWPORT, SOUTH WALES 


Transport/Haulage Depot 
57,500 sq. ft on 7*2 Acres 


H Modem Office Block 
H Warehouse and Workshop Facilities 
U M4 Motorway (Junction 26)1 mile 
a Town Centre 1 mile 
U Redevelopment Possibilities 


FREEHOLD FOR SALE 


Joint Agents 

Kcff Kmiglit Frank&Rutiey 
£D2£SE5£S 01-6298171 


NewlancJs ^ 

CHAilUR.tD auRVEYOSli UJ 


5 Skiraw Street, 
Newport. Gwfnt- 

NPTUK 

■0633-53777 


FREEH OLD SHOP 
INVESTMENT 


NEW MILTON. 

HANTS 


Complete block of. 5 modem shop 
units with sotf -contained maison- 
ettes (served by -separate -entrance 
hall end currently pro- 

ducing £7,826 per annum F fl S 1. 
with valuable rent . reviews .in 1982 
(1), 1983 (2) and 1985 (2). , 

offers ovhi assjaaa 



THREE KINGS URD, 


MAYFAIR 


A unique Residential Investment 
comprising a nets. * mews house 
and ganging tar up to 11 cars. 
Occupying a first-rate position 
opposite CIsridgM Hotel and dose 
to Grosvenor Square. teosehold 
interests for sale with full vacant 
ponosqion. - • - •' . 


fail details fr art the' 
Joint Sole Agents ■ 

CHESTERTONS 
01-429 4513 


DEBENHAM TEWSON & 
CH INNOCKS . 

01-408 1141 


BAYSWATERW2 


PERIOD OFFICE 
BUILDING ' 


close Lancaster gate 

4.250 sn It net. . Lift and - central 


4,250 -«L It. net. . Lift end - central 
hosting, 9 yean remaining on hmu. 
. £17.500 ji no farther retie*,. 
- £65,000 for lease and fixtures 


and finings v 

CARTWRIGHT UPPING ' 

23 Uinater Terrace. London. W2 
Taft 01-862 1085 . 


Abingdon 

Distribution Centre 

i Abinrjdon.Oxford 






MAYFAIR OFFICE BUILDING 
8008 sq. ft. approx. . . 

GROUND LEASE FOR SALE m years unexpired 


ESTATE AGENTS 
DIRECTORY 


The cost of promoting your company is: 

£76 for twelve insertions of two lines 
and for each additional line the rate is £27 per annum 
ALSO 

A limited number of 2-centimetre boxes are available 
at £340 per annum (only £26 per insertion) 


Thomas&eaL 

l^&Jfertners 


Tel: 01-408 1582 


108 Park Street, London W1Y 3RB 


For further details please contact: 

Barbara Morgan, Property Advertising 
Financial Times, Bracken House 
10 Cannon Street, London EC4P 4BY 

Tel: 01-248 8000 or Telex: 885033 


ADVERTISEMENT 


BEDFORDSHIRE 


Chestertons, Chartered Surveyors and 
Estate Agents. West End Offices, 
Factories. Warehouse*, etc., 75 
Grosvenor Street. WTX 1L8. 01-499 
0404. 


David SmHftyes Partnership, Com* 
mercial Consultants, 123 Goldsworth 
Road, Woking. TeU-VVoking 23344/5. 


BfllDGBU 

David E. UtUa Prtnis. Chert. Survys., 
36a Caroline SL. Mid. Glam. (0656} 
58445. 


KHitqr. Estate Agents, 50 Sl Loves. 
Bedford. Tel: (0234) 50352. • 


Conrad TUtfalat and Co., Consultant 
Surveyors and Valuers* Milner House, 
14 Manchester Sq- W1M 6AA- 01-835 
4499. 


SUSSEX 


YORKSHIRE 

SHEFFIELD 


BERKSHIRE 


Ralff Diner ft Co. (Office and Com- 
mercial Property Specialists). 179 
New Bond Street W1Y 9PO. 01-431 
3164. 


Clifford Demi Co wm arc le f. Chartered 
Surveyors. Albion Homo. Lewes. Tel: 
(07916) 4375 (Sfac local offices). 


BuckeTl & Ballon}, 43 Market Place. 
Reading. Tel: (0734) 67341. 


Garrard Smith ft Rmmra, Estate 
Agents and Property Consultants. 
40 Crawford St. W1. 01-723 3494. 
Telex: 23828. 


Stiles, Horton & Ledger. Sur- 
veyors. 6, Pavilion Buddings. 
Brighton. Tel: 21561 and at Hove 
720771. Eastbourne 36244 Worth- 
ing 37982 and Crawley 516661. 


Eedon- Lockwood and Riddle, 
Chartered. Surveyors, Property 
Consultants, Sales and Advice in 
connection with Commercial and 
Industrial Pro Portias. Portfolio. 
Property. Management, /nvencmen t. 
6a Campo Lana, Sheffield SI 2EF. 
Tel: 753752. ’ Tele*: 547480 ELR. 


SCOTLAND 


GLOUCESTERSHIRE 


CHELTENHAM ft GLOUCESTER AREAS 
Uwson and Lawson. Chartered 
valuation Surveyors & Estate Agents. 
3 Rogant Street CheHnnham GL50 
1HF. (0242) 21677 (6 lines). 


Ian Scott ft Co.. Estate Agents and 
Survyeom. Berkeley House. 20 
Berkeley Street London. Wl. 01-438 
9911. 


ABERDEEN 


Philip James A sso c ia tes. 9 Brighton 
Road. (0298) 21156. 


4. Trevor end Sons. Estate Agents. 
Surveyors and Valuers, 58 Greavenor 
Street WlX ODD. 01-629 8151. Also 
City, Manchester end Sheffield. 


HAYWARDS HEATH 


Burnett (F. G-). Chartered 

Surveyors, Valuers and - Estate 
Agents. 33 Albyn Place. Aberdeen. 
AB9 8SA. Tel: (0244) 572661. 


HAMPSHIRE 


Gearing end Colyer, Chartered Sur- 
veyors, 133 South Road, Haywards 
Heath. Tel; (0444) 57311. 


SOUTHAMPTON. PORTSMOUTH 
Hall Pain and Foster. Chartered 
Surveyors. Valuers. Estate Agents. 21 
London Rood, Sorithamonn (0703) 
28315. 


SOUTH WEST 


James R. Thomson (Properties] Ltd., 
23 Crown Street Aberdeen AB1 2HA. 
Surveyors, Valuers & Estate Agents. 
Tel: 0224 52466. 


James Andrew and Partners, 
Consultant Surveyors end Estate 
Agents. 62 Pall Mall. London 
SW1Y 5HZ. 01-839 4436. 


King end Chessman (CKmunercIar), 
Carfax; Horsham. Tel; (0403) 64444. 


WMaster ft Co- (Chartered Sur- 
veyors). 60 Union Street AB1 IBB. 


WILTSHIRE 


HERTFORDSHIRE 


HSITFORD 

W. H. Lee ft Co., Commercial Depart- 
ment 21 Caetfa Street Hartford. Tel: 
Hertford (0992) 552772/3. 


Hampton & Sons, 6 Arlington Street 
London. SW1. Tel: 01-493 8222. 

John Hollingsworth rEsL 1904). WA1«S 
Harwood House. Fulham Broadway, -. Dnn£ 
London SW6 1EW. 01-736 8311, CARDIFF 


Bucks [I end Ballard, 106 Commercial 
Road. Swindon. Teb (0793) 44511, 


veyara). 60 Union Street AB1 IBB. 
(0224) 62687/8. 

Kenneth Ryden ft Ptnre* Chert Sur- 
vyra, 201 Union St, Aberdeen 0224 
24308. 


B3 INBURGH 

Hill lor Parker May end Romrion, 5 
Charlotte St, South Edinburgh. Tel: 
031-226 5321. 


WATFORD 

Gordon Hudson end Co.. 147 The 
Porodo, Watford 39711 (10 linos}. 


NORTH WEST 


Cooke end Arkwright 7/8 Windsor 
Place. Card® CH 3SX Tel: (0222) 
398151. 


Kenneth Ryden ft Pirns* 71 Hanover 
St. Edinburgh.. Tel: (SI-225 6612. 


Northwest Commercial Property Coo- Powell ft PCwoIL Surveyors, Con- 
sultants end Estate Agents. 2 North mercial end Industrial Specialists. 
End Road. NWI1. 01-455 3424/S. 6-7 St John’s Sq„ Cardiff CF1 2SB. 

Tel: 27888. 


GLASGOW 

Kenneth Ryden ft Ptnnt, 154Weet 
George St. Glasgow 041-333 OtJw. 
Webstar end Co- 21 West Nile St, 
Glasgow. Tel: 041-204 0771. 


ASHFORD 

Geering and Colyer, Chartered 
Surveyors, Bank Street Ashford. Tel: 
(0233) 2-1561. 


MERSEYSIDE 


PLANT & MACHINERY 


Burrows ft Day. Chartered Surveyors, 
39 Bank Street (0233) 24321. 


CANTERBURY 
Gearing and 


Gearing and Colyer. Chartered 
Surveyor*. 37a St Margaret's Street 
Tel: (0227) 57253. 


Riding & Co- Industrial and Com- 
mercial Proporiy Consultants. Estate 
Agents end Valuers. 2nd Floor. 
Martins Buildings. 4 Water Streot 
Liverpool L2 35P. Tel: 051-227 3314. 


Airay Entwfada. 28/34 Cross Sl. 
Manchestsr M2 7AQ. Tel: 061-834 
9177. 


MAIDSTONE 

Gearing and Colyer. Chartered 
Surveyors. 6 Cot man House. King 
Street Maidstone. Tel; (0822) 63891. 


TUNBRIDGE WELLS 
Gearing and Colyar. Chartered 
Surveyors. 2 2/34, Hfrjb Street. 

Tunbridge Welle. Tel: (0832) 23136. 


Mason Owen & Partners, Commer- 
cial Property Consultants, Glad- 
stone House, Union Court Castle 
Street Liverpool L2 *UQ. Tel: 
051-227 3651. 

Also at London, Hull. Man chaster. 
Dublin. 


Frank G. Bowen Limited (Eat 
1824), Specialist Auctioneers and 
Valuers of Machine Toole, Textile 
Machinery. Trade Stocks, etc-, hi 
the UK, IB Greek Street Shaftes- 
bury Avenue. London W1V ONY. 
Tel: <71-437 3244. 


Grimley ft Son. 2 St Philip's 
Place. Birmingham 3- Tel: 021- 
238 8236. Also at 10 King St, 
Covent Garden, London WC2E 
8HN. UJ-836 9854 and 9 St 
James's Square. Manchester 
M2 6DK. 081-634- 7187. 


MIDDLESEX 

HOUNSLOW 


Horny Butcher end Co. too. 
Leopold Fanner and Sons, 
Auctioneers and Valuers, 
Brown low House, 50/61 High 
Hof bom, London WC1V 6EG. 
Teh 01-405 8411. Telex: 

897737. Also at Birmingham. 
Liverpool Leeds end Bristol. 


Industrial Plants Corporation 
(UK) Ltd—. Auctioneers and 
Valuers of Plant and Machinery, 
77* Salisbury Street Hull HUS 
3DU. Tel: 0482 482872. Telex: 
527562. Established USA 1919. 


1TEB Valuation Services, Valuers 
of. Plant ft Properly U.K. & World- 
wide, Longridgo House, Man- 
chester M60 4DT. Tel; 061-833 
9282. 


LANCASHIRE 


MANCHESTER 


Homo & Sons, Chartered Surveyors. 
181 High Street Tel; DI-bOT-2244. 


Chamberiain ft WUIows, Church 
House, l run monger Lane. London 
EG2V SEU. Teh 01-882 4633; 


Lemllo Roberts. Chanorod Sur- 
vayora. Industrial ft Commarcial 
Property Consultants, Queer’s- 
House. Queen Street Manchester 
M2 5LA. 061-832 5348. 


STAINES 


Richard Brampton ft Co- Surveyors, 
Agents snd Valuers, 25 Win dsor Rd- 
Wrsyabury. Tel: Wreysbuty 2288. 


CuWbroak. Evans ft McKenzie. 
5 Quality Court, Chancery 
Lane. London WCZA IMP. Tel: 
01-242 1362. SpetiaRst Auc- 
tioneers and Valuers » the 
Printing Industry. 


Norman Levy Aseotiataa Over- 
sees. Guaranteed Valuation and 
Auctioneers of Plant and 
Machinery, Morfey How*. 314/322 
Reg ant Street 1 on don W1 R BAH. 
Teh 01-831 0701. Totem 887231 
Levy G. 


Rdwerd RosMon. Son and 


Kenyon (Ext. 1855), Auc- 
tioneers. Lose Assessors sad 
Valuers, 10 Csrioa - Piece, 
Grosvonor Sg„ London W1Y 
BHA. Tel: .01-493 6787 end at 
Dublin, Manchester. Sydney, 
Melbourne, Brisbane. Hong 
Kong, Atlanta end Soft* bury. 


NORFOLK 


LONDON 


Noel Alexander & Partners. Property 
Advisors to Bonks. 70 Queen Victoria 
Street. EC4. 01-243 2256. 


The A. G. Ebbage Partnership, 
Exchange Street Norwich. Ten 
(0603) 29971. Telex: 97372. Com- 
mercial snd Industrial Surveyors, 
Residential Agents. The AGE of 
Property Expertise tor East Anglia 
—north of the Humes. 


Edffieons, Chartered Surveyor*. 
Industrial Building, Pfsrtt end 
Mschloeiy Auctioneers end Vtra^ 

Pennine House. BusseB Street, 
Leeds LSI 5BZ. Tel: (QS32) 30101. 
Also et HndSwsflold, Bradford & 
Halifax. 


Chestertons. Chartered Surveyors end- 
Estate Agents, City* Hoi bom end 
Dasontrolisad Offices. 28 Queen 
Street. EC4R IBB. 01-248 5QZ21 


Edwards, BJgwood, Bewfey, 76 
Colmore Row, Birmingham 83 
2H& TSJ: 001-236 8477. 


NORTH EAST 


Conrad Ritbltt end Co- Consultant 
Surveyors and Valuore. Plantation 
HsB— Fanchurch St, EC3. 01-623 9116. 


Hampton and Sons, Skinners Hall. 
3 Dowgsta HHI. London. EC4. 01-236 
7831, 


Storey Sons and Parker. Chartered 
Surveyors. Nawcastle- CB32 2G291. 
Middlesbrough 0642 248301 . Stnk ealcy 
0642 710583. Morpeth 0630 57393. 


John Foard Industrial and 
Commercial Surveyors, Valuers 
end Auctioneers of Industrial 
Property. Plant end Machinery 
In tire UK and abroad tor 150 
years. 61 Queen's Gardens, 
London W2 3AH. 01-402 8361 
(Est. 1828). 


J. T rover, end Sane. Estate Agents, 
Surveyors and Valuers.- 65 London 
Wall. EC2M 7AD. 01-628 0735. Also 
Mayfair, Man cheater end Sheffield. 


OXFORDSHIRE 


WEST CHJTRAL 

Robert Inring 'end Bums, Office Co. 
and'lnd. Spadaliats. 23-24 Margaret 
St, WIN 8LE. 01-637 0821. 


Bucket! and Ballard. SB COmmaifeet 
St- Oxford. Tel: (0885) 40801 and 15 
Office*. 


SURREY 


Lander Burfiald, Chartered 
Surveyors, 75 Shoe Lana. Fleet 
St., London EC4A 3BQ. Tel: 01-353 
7841. Telex: 23862. 


GUILDFORD 

Cubht ft West, commercial Sur- 
vayora, 44 High Street. GuHdtord. 
Tel: (0463) 77277 or 8058. IS Offices 
in Surrey, Sussex end Keapelure. 


Rjfler Foraer Chartered Snrv 
vcyora. Th«vlfl« Inn House. >4 
Hoibont Cirau. London ECTN 
2HL. Tel: 01JI63 6851, Telex: 
25916, Shewed Offic e (0742) 
750161, Telex; 50098. and et 
Edinburgh, Pwta. Plant end 
Machinery Vainer* and Auc- 
tioneers In UK and Over- 
tees. Commereinf end Indus- 
trial Prapany Agents, Rating 
Surveyors. Fire Lots Asaes- 


G. F. Singleton A Co-. S3 King 
Street Manchester. TeU 061-632 
6271. 

Smith Mahrsck, Surveyors, Valuers 
and Esau Agents, 17/18 Old 
Bond Street Wl. ■ Tel: 01-493 
1613. 

Edward Symmens snd Partner*. 
Auctioneers and Valuers, 66/62 
Wilton Read, London 3W1V 1DH. 
Tel: 01-834 6484. Telex: 8834348. 
And at Mancheator. 

Wefliar Walton ft* Henson. 
Chartered Surveyors, Valaere end 
Auctioneers of Plant ft Machinery 
and trade stacks throughout .the 
United Kingdom. Nottingha m — 
Byard Lane. Tel: (0602) 54232; 
Mansfield, Teh (0623) -35427; 
Melton Mowbray— rl Wilson -Road, 
Melton Mowbray. r*r* 0664 67965. 
London— 36 Dover Street Berkeley 
Square. London W1X 3R8. Tel: 
01-483 1935. 


eon, Prelect and Prop 


Mo Risers, invosonam 


Wratheran Green ft Smith, 
Chartered Surveyors* Auction- 
eers ft Valuers. 22 Chancery 
Lane. WCZ. Tel: 01-408 6944. 
Telex: 22446. Also et City of 
London, Leeds, Paris, Frank- 
furt. Munich ft New York, 


LEOPUARO GREEIM 

AND COMPANY 


01248604?, 


ROCHDALE 


■ Close to MS2 link 

-Rents from EIJO Pfr- 
NEW INDUSTRIAL 
UNITS from 3,433 s«(. ft.' 

Cash up to. £ 5,000 . 

on aignins Iwws 

READY NOW 


ROBBITS & ROBERTS 
33 King Street Mancheeter M2 6BD 
■ Tel: 061-832 5881- 


FREEHQLB PROPERTY 


required south oL Ttarees.-' - Area 
6.000-6.000 «q ft Modem etngta- 
storey Induetrrel rburidipg; - Mainly 
wnonouse with ..tome . office end 
showroom accommodation >tKJ Wffi 


loading end parking -fa cTUtiet<: 
Reply m ccnftdfliTce to 
Menaglng Director . 

WRIGHT DENTAL SALES •. - V •- ■ 
(LONDON) tm„ London Room 
5<L52 New u gw |j 

CmrandfabGtrert 1 -Jl- *■ 
London W1M 8DE. VIV2 


wm mm 




INTERNATIONAL PROPERTY 


o 


WAIAYA® 
Re VERDE 



JOHN’ DWOOD 


MorbeUa, Spain. 


Atolaya dcRio Vtrde is a magnificent private 
estate, just south-east of MorbeUa, set its gently 
undulating land overlooking the Mediterranean 


VALEDOLOBO 

ALGARVE- 

PORTUGAL 



The Tuddo ’ comprises just 140 send-detaAti, 
d^mt Mediterranean-style lawn booses, 
planned and constructed in drree separate groups. 
Each is butt around a secludedganiaHumrtyard 
reith direct access to a fine swimming pool 


AS FEATURED ON - 
BBC TELEVISION 
VALE DO LOBO >3AS BEEN 
DESIGNED FORTHE PEOPLE WHO DEMAND THE B EST O F 
EVERYTHING. SELECTION OF SUPERB LGXCR5TVILLAB- 
APARTMENTS -PLOTS J’RICES&ora £50.000 fbrl Bedroom apart- 
ment Cham p ion ship GO LF CO URSES, ROGER TAYLOR - 
TENNIS CENTRE, leisure centre, swimming pools, sandy beach, 
restaurants, night dubs, hold, supermarket, shops etc. 
Brochures from Sole U.K1 Agents 
JohnD.mod (Ref YS) 23 Berkeley Square London WJX SAL 
Tel: 01-629 9050 Teles 21242 




a lozD-rise apartment complex. ~ 
Aylesfoid Overseas can give you full details 
ofthisexdtingdevebpmentplusexpert 
advice on Spanish Law? taxation, local affairs, 
property maintenance and finanm 

A Grand Estates Development, j Cl^/ 1 


COSTA DEL SOL SPAIN 

close to MarbeHa 

DIRECTLY FROM OWNERS 

26 APARTMENT BUILDING 1 
High Quality - Prime Beach Location 

. USST.7 MILLION ' \ - 

Completed including Swimming Pools and surroundings: April 1982 
Inf: Let Escallans SA, CH-6315 Oberaegorl. Switzerland 
Phone: (42 J 724343 - Telex: 865351 . " 


eVntSHM IMCSCAS 


13 Park Place, St James’s Street, London SWlA l IP. 
Telephone: 01-409 2233.Telex: 892851 PARK. 


JERSEY— CHANNEL ISLANDS 


HOTEL (30 beds), A LA CARTE RESTAURANT (max capacity 
1 10/120 evs) and PUB COMPLEX - 
All recently completely redesigned and .refurbished. North coast 
location with magnificent views. AH liquor and trading licences 
current and transferable. Spacious parking. Development 
potential. Company owned , for ale by share transfer if required. 

FREEHOLD £450,000 

. .Write Financial Director, Box 75666, Financial Times 
10 Cannon Street, EC4P 4BY 


PUERTO DE LA DUQUESA 

NEAR GIBRALTAR 


Luxury port apartments, villas, commercial units, berths, beach • 
club, social facilities. Prices from £20,000. 

Send for Company PortfoBo 

fWCASOL LTD. 4 BRIDGE STREET, SALISBURY SP1 2LX TEL: 0722 26444 


• Main Agent in UJC 

• British-run Qffioas on 
the Spot . 

• Regular Inspection 

Visits .• 


riNOttOLl 


U.S.A. 

REAL ESTATE 
INVESTMENTS 


90 minutes 
by road 
from 
Geneve 



INVEST AND PR05PER LIKE THE SWISS 


Secure your Swiss freehold property before foreign purchase is prohihfied- 
In definitely. Fine chalet-style apartments, completely fined; prices from 
£42.000. Rental Income end generous mortgage (scilhSoa available. Resort 
with swimming pool, tennis courts, shopping, restaurants end nuclear shelter. 


ehompoussln 


WHITEHEADS INTERNATIONAL 
2 Cartoon Crescent. Southampton. 


(0703) 38072- 



A complete' selection of the-' 
best propieiteih Florida. 

. □ Shopping centers.Q office 
. buildingsp residential' .. : 
complexes ,□ -Acreage, 

□ cattle ranches and farms. 
Order our free comprehensive 
portfolio with full details. 


the real estate investor. 


First 

Offering 

INVESTMENT 

AGENTS/ 




Profit From 
Unique 
Heal Estate 
Opportunity 

Florida. USA. 


Leading condo- 
minium developer 
buBdSng favorably 
priced luxury resi- 
dences invites in- 
quiries from Invest- 
ment Agents end 
Rea! ferae Brafcos 
to represent us in 
your area. Prestigious 
residences fndude 
every recreational 
amenity . Located in 
expaTdsTg.inoH'- 
naijonaBy-known 

Tbrnoenryanaa hi 
tropical Rorida. We 
txfcr investors a 
secure foothold in 
profitable, stable US. 

real estatt We offer 

excetertcormiisaons 
and sates support to 
Agents and Brcdcers. 
Tomeetwfftcwr 



INVEST 
IN LUXURY 
FLORIDA, USA 
WATERFRONT 
REAL ESTATE 


SpaotHM hnorry rrmrlr wrttninm 

apartments on island over- 
looking Gulf of Alezico. 

Advantageous investment for 
profit and pleasure in safe, 

rapidly growing area. Near 
International Airport. Low 
Pre-Completion prices, exed- 


active sales market. 
Rewan^ potential. Fw -. 
personal appointment contact: 

Felicity Hoare, Chestertons 
1 16 Kensington High St., - 
London W8 

TeL* 937-7244 - 
Telex: 8955820 CHEST- 


Miami Beach, USA- 
REAL ESTATE 
BROKER/ WFF* 
AGENT 

OPPORTUNITY Ml BL 


Highly successful condominium 
apartment developer Tt ■ 
ax^uncaian with International, 
hotel chain and leacftig fiTOhdal 
institution invites real estate ' 
broker and agent inquiries 
regarding the sefflng iff 
condominium residences in 
new world class luxury Hotel/. . 
Condominium Complex - 
located on priced oceanfront 
ste between the renovvned - 
Fontainebleau Hilton and DoraJ- 
Hotels on Miami Beach, Florida. 
We offer too commissions, 
solid sales support ■ 

Direct Inquiries To: 

J. D. Thompson, vice President 
American Equity . 

. int erna tio na l corp. 

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.IKuianciai Times Friday April 16 1SS2 


THE ARTS 


Cinema 


‘Mil v. 1 
;;-!■* ': p .\ 


* *»&4 


uiiii 


-Eholi 

ISK-iip 

SAGES 




PA1K 


STflTl: 

mehis; 


■by NIGEL ANDREWS 


77 * — arenas of the story in a non-stop 
^ tnn W L ^ ate ’ trolley service- Lebanon's 
■ Screen on bruised and brutalised future is 


Islington Gj-.mil 


emblemised 


Schygulla’s 


The' World * of Gilbert and adoption of a baby -who's dis- 
Georgei lGA: Visiting Hours covered to have brain-damage 
(S) Classic, Oxford Street Lebanon's ragbag war joi ideal- 
• and General. Release. ism and greed and reli@on and 

- " '■ * ■ ■— — — . territorlalism has its cdmic- 

Volker SchlondorfFs Circle ^wocossni? reflection in toe 
of Deceit, set and shot in Beirut squabbling all-sorts anarchy, of 
.during toe Lebanese civil wars. '*?' Jwmutfwto in their safety-; 
comes to you in film-cans marked *^9* hoteL J eray Skolimowski 
"Front-Une .War Movie, with <*««« f The Shout turned 
-philosophic trimmings.'* It’s a. actor) plays the cheerful 
hard-to-swallow truth that the ltoddc^jout photographer: ever 

in search of copy and without 


films made in the . most heroic’. 


. of circumstances are often the scruples to Tub 

moot raRgle-taggle disappoint- fog etfa er. Bow-^d Jean Cannet 
ments when they reach the te * seedy-dandified desk-to^desk 
screen. .Overwrought emotionally - salesman, hawking grisly war 
; and underwrought artistically, £, lCS bidder . And 

they stomp “we were there" t ^ anz himself, with bee-stung, 
banner headlines on their “P 5 “ d oroapy eyes, is toe 
: frames: but once the ink has Hamk?t of ft e typing room, ever 
dried toe (Ariel imprint left is shy of Pitting key to quarto- 
of chaos and .-serendipity — what P^per. -'^What . shall I write, 
the camera was lucky to catch, • a ‘ J °ut? The unchanging facts or. 
-not what the" film-maker wanted my own fear?.. . 


to say. 


Meanwhile Lebanon 


Schlondorff, who made The F 

Tin Drum and The Lost Honour imHels ’ A street stallholder sell- * 


o] Katharine. Blum is~& skilful ®2!£ 

• mi ■ ovrnntn - nydfi manequ in sstnds 

^^^emSiSSa^^ -riSSrfSS. & 5S?K 

SKS ‘ #S stwat 1 

inSedUcv°BiH 

its thematic togetherness. The 



through .'new and new-shaping 
retinas. Circle-, of -Deceit a 


integrity of journalism seems to 
be toe (Mime subject on hand: 


Bruno Gam in war-tom Beirut, a scene from Circle of Deceit. Set and shot during the Lebanese dvii 
...... wars, the film meshes public catastrophe with the private anxieties of the characters 


■DOjru. I* vitriA ronnrtQoo nr in cirri, itfeil , " — . ‘'“I'I'uk limu. luu^uc-ueu, U CijLtflU pail 1C at 

A degagA sceptical West reflection aft er-to e-even r> ^ ■ ’“S 63 - r£% e * n ?* e n**’ -* • Madame Tussauds had merely the revelation of self. The eyes 
Berlin reporter (Bruno Ganz) _ , ' *? Crrcle __ of Deceit, as slipped up a little while sculpt- nervously Take the floor; the 

flies to Beirut to report toe war , The film won tsay and seems apparently in SchlondorfPs head, More cam be and Wise. chin trembles; the mouth dries, 

mid is .gradually drawn into nun -cells to a twist th®5^ 2X8 mutually exclu- The world of Gilbert and Put this question to an Ameri- 

emotlonal and intellectual _tt tnes Extra- ave arguments raonmg side by Georpe is an Arts Council film can adolescent, or a French one. 

involvement to the conflict He' f( !T ? director who ®Kte- (i) The facts do not written and directed by G and and you’d probably have to 

also exorcises bis procrastinat- f 15 * , “**• Itoob and camera- matter, (n) The facts matter so g. it gives us their poetry, stop the flood of loquacity, 
ins miilt nhrmt tho failure - •' * e ns for the reportonal veracity much that they must be their anotheoms then- intAr- But The World of Gilbert and 


g More cam be and Wise. chin trembles; the mouth dries. 

The world of Gilbert and Put this question to an Ameri- 


ins Suilt about, toe failure of 


G. It gives us their poetry, stop the flood of loquacity, 
their apothegms, their inter- But The World oj Gilbert and 


: hooking 'up- With - depauii 311 °K even anything, if we any more likely to sort out the 
• Teuton Hanna Srfrvmrila ^he*s «°*»P u e a*I newspapers of muddle in its own cranium than 
called Century Kussia, they wBI Lebanon does toe mayhem in 


threads and Theseus in toe 
Minoati maze of "war.’- • Dostoevsky. Gilbert and George are two 

- . This romantic and peculiar po-faced, sui band-tied gents who 

Symbols clatter and trundle proposition (less historically, or dispense multi-metoa art 
between the private and public sociologically, or philosophically George is the tall, bald one with 


19th Century Russia, they will Lebanon does toe mayhem in 
tell us less than one novel by its own streets. . 


light-robotic to hard-rock music peculiarly riveting art form, 
or stand stock still across an See it. 


Gilbert and George are two 


uncrowded room and exchange 
mandarin dialogue. George: 


Last and egregiously least, 
the week's horror film. Visiting 


Purcell Room 


Catalogue d’oiseaux 


“What shall we do this after- Hours is set in one of those 
noon Gilbert?” Gilbert; '‘Why hospitals where major surgery 
don’t we go and bny a vase? ” lends to take place before you 
George: “ What a good idea, reach .the operating theatre. 
Gilbert." The lady with the stiletto in 

• It’s a parody of Britishness her neck is the night nurse, 
that's often very funny and The white-coated man striding 
equally often cuts through to quiet-footed and purposefully 
toe bone: especially in their down the corridor is the local 
interviews with sundry street homicidal psychopath (Michael 
Adonises flying tortured emo- Ironside), seeking patients to 


inarticulacy 


, : by. ANDREW CLEMENTS . “ 

- Whether or not one agrees Less convincing are the more spouse from the pianist: Mr 0U J WT 1 xne j™ t S s !.A 

with Robert Sherlaw Johnson slender essays, particularly the Mead has a creditable reputa- Space invaders. o 

that Catalogue cTolseaux is pair of nocturnes that makes up tion for tackling the giants of J? ou i lor a onnK . . .piayu 
noxsililv Mpssiaen’K “erpatest the third book. ** I.a Chnuefle -mntpninnriirv nimn liiantura Space Lmaaers. Uunna i 


terrify or truncate. Lee Grant 


national flag. What make* you and William Shatter are among 
happy? “ Go in' to the pub . . . those wishing they had chosen 
goto’ but wiv me - mates . . . another hospital, and as blood 
playing Space Invaders." “Go- runs and bodies clatter you may 
in' out for a drink . . .playing be among those wishing you had 


possibly Messiaen's “greatest 
piano work." it was certainly a 


smssr^uesas Svac L^'X “jar * Je “ 

hulotte ** “ T." Airuiotta luin ” .hiif tiara Miunmn'r «,v, - • • gom out wiv me mates . • . Claude Lord directed. 


L'Alouette lulu.” but here Messiaen’s writing asks 


An exhibition of Picasso's Cnughf B» The Toil and The dnt«™ »I R- C. SherrifTa Home 

aria fnr t-ho in o foofi.ra Tin I- fSM. v» Ot SetJCT. W«nilg In t&C HdL. S HOme 


milestone in his development' Here the frieze-like construction for more than strong, accurate 
and .an achievement that is is not so interestingly sustained, fingers and a clear head. Some 
heard in the.concert hall far less and the birdsongs themselves excitement in creating these 
often than it deserves. In two seem under-characterised. But wonderful sounds ought to be 
.concerts < the second is in two there were passages in all the communicated, and the indivi- 
. weeks’ .time) Philip Mead is movements last night when one dual strands of each piece given 
presenting the whole Catalogue, hoped for a more refined re- less monochrome treatment 

together with its codicil. La ' ' - 

Fauwtte .des jordins, written 

■SS; ,h “ s derade in Picasso in the theatre 

On record one -tends to dip . ^ ■ 

into the cycle, listening to one An exhibition of Picassos C ought By The Toil and The 
piece: or a group of pieces at a work for the theatre is a feature Four Little Girls, will be per- 
rittinc: Hearing a larger chunk o* this year’s Brighton Festival, formed by. -toe Reading Per- 
— Mr Mead on Wednesdav night opening lor Wo weeks on May form an ce Group in Hartle Hall 
played the first ' four ‘ books. L • • _ J , (May 11-15), Sr Roland Penrose 

seven pieces alt ogether— makes 11 wjU indude rarely seen will give an ammated lecture on 

toe relative success and failure drawings/ sketches and designs May 5 at the Brighton Poly- 
ol these- sound landscapes all *’ lD d facsimile manuscripts, technic, and the Ballet Rambert 
the more striking, The most Photographs and the drop cur- will perform a new work. New 
ambitions tableaux — " Le Merle tain for DiagbQev's Lc Train North, created by Robert North 
bleu," “ Le Traquet Staparin” Bleu. , . with designs based on Picasso’s 

and especially “ La Rouserolle Two of his plays, Desire drawto^. 
effarvette " -seem to be the roost 

S«TiS a io n 8ir?^ a p« Robert Stephens in a new play 

in which the birds of their titles ^ r 

sing:. the coast of the Roufadllon Robert Stephens is to take the lavatories of London,” will be 

district for the Blue Rockthrush lead in a new play by Nisei directed bv Pam Brighton, 


OBITUARY 


Arthur Lowe 

Arthur Lowe. one. of our finest important Leonard Swindley. 
character actors, has died aged From there he progressed in 
68. He had been appearing in toe TOs to the role for which he 
Birmingham in a touring pro- was most admired and perhaps 


He achieved national fame Guard comedy Dad's Armjj. His 


, “ eluding the priest in Bless Me the power attached to toe eom- 

^ ke ? aies an< * at Brighton Poly- Father and a retired sweet maud of toe local Home Guard 

manufacturer in Potter. With attracted not only huge public 
photographs and the drop cur wiU perform a new work. New ^ -unmistakable voice, marked popularity but unusual admira- 
teun for DiagbQev’s Lc Tram North created by Robert North }jy a seeming world weariness tion among -actors and ^critics. 

. .. . with designs based on Picasso s be was mnch in demand on radio He appeared to over 30 films, 

rwo of his plays. Desire arawuigs. especially for comedy series including Kind Hearts and Coro- 

and also for voice-over work on nets. This Sporting Life and If. 
T3 s-i ViATTf* rt uaur television. Millions of children He first appeared on toe stage 

tvOuClL Oiepnenb in 3. new play were familiar with his lugu- in 1945, and his television sue- 

brious delivery of the Mister cess led to work with the 
Robert Stephens is to take the lavatories of London,” will be Jlfen scripts. National Theatre and toe Royal 

lead in a new play by Nigel directed by Pam Brighton, But the performance which Court (where he plav**d Ben 


Festival Hall 


Bernstein’s ‘Songfest’ 


by MAX LOPPERT 


The brash, bright-edged, 
exhilarating, and musically 
copious eyrie of songs for a 
sextet of singers (three each 
of male and female voices) that 
Leonard Bernstein, calls Song- 
fest was introduced to Britain 
on Wednesday night by toe BBC 
Symphony Orchestra conducted 
by the composer. (It was a 
Royal Philharmonic Society con- 
cert. broadcast live on radio 
and television.) 

The work began life as a 
commission for the American 
Bicentennial but, unfinished in 
time, had its premiere a year 
later, in 1977; the same per- 
formers subsequently, made a 
DG recording. Somewhat 
delayed though it has been, the 
Atlantic crossing of . Songfest 
was hugely worth waiting for. 
It seems to me. indeed, that toe 
composer of Fancy Free and 
On the Toum, of Candide and 
West Side Story, who in recent 
times has been somewhat hard 
to catch glimpse and sound of 
through the fog of toe Faddish 
Symphony and - the Mass, was 
back in operation and working 
at full stretch. 

Songfest proves to be a prime 
piece of contemporary Ameri- 
cana, a work heard at the right 
moment that one suspects will 


keep- fresh' its pleasures long 
after that- moment has' passed. 
The urge to celebrate toe 
country, to terms not of the 
physical environment but of the 
people, fired and sustained both 
its shape and its content. The 
13 poets Bernstein chose to set 
— Whitman and Poe to Aiken. 
Ferlinghetti, and Corso— afford 
him a shapely structure and elo- 
quent material. 

The diverse voices heard in 
the verse and toe music speak 
of ferment and conflict, of suf- 
fering minorities of more than 
one kind. But they also hymn 
simpler moods, of happiness or 
sadness, remembrance or regret; 
toe two sextets framing the 
whole announce and sum up the 
theme in a bold, celebratory 
way. 

That theme is the eclecticism 
of America. One of Chambers’ 
definitions of the word is 
“ choosing the best out of every- 
thing;’’ that, as a composer, is 
exactly what the best of Bern- 
stein has always been about — 
the drawing on. the mak ing his 
own. of a fertile musical 
amalgam, and, what is more, the 
creation of an idiom that can 
be enjoyed on several levels, 
serious and “light,” at once. 
One hears Britten in the trio for 
women's voices; the El salon 


mexieo vein of Copland in toe 
soprano solo on a Peurto Rican 
poem; Mahler in the sweet-sour 
Whitman song for -bass; the 
finale of Ravel’s Heurc espaqnole 
in toe closing sextet; and so on. 

Yet the result is pure Bern- 
stein, the voice speaking dear 
and economically. The musical 
images are shaped with ease, 
confidence, and flair: toe tunes 

— outstandingly so in the case 
of the female trio and the bass 
solo already mentioned — hit 
straight home. The whole 
bespeaks a deftness and drama- 
tic sureness of aim that I found 
irresistible The six singers — 
Clamma Dale (replacing Jill 
Gomez), an inimitably witty 
Sarah Walker, Cynthia Buchan, 
Kenneth Woo Ham, Paul Hud- 
son, and Thomas Allen (in 
brilliant form and fiery voice) 

— were caught up in the work: 
only Miss Dale could boast 
native inflections, but the spirit 
governing the singing was 
splendidly right Bernstein’s 
account of the Enigma Varia- 
tions In the first half must have 
the briefest of mentions — all 
wrong by toe usual Elgarian 
criteria (and not all well 
played), it pulsated with life, 
colour, and emotional commit- 
ment in massive quantity. 


Old Globe, San Diego 


STwS past^^of^rti * ’ - ?) 1 'e nores toe point that glasses. Gilbert is the shorter, goin’ to the West End play- 

:«*Mi£S5«5r7 P toe; « 2 facte are the essential bedrock stockier, schodboyish one with tog Space InvadL.” P y 

: Lebanese yar awl ; the semi- Srtlond?rir of fl i^ natave Untl1 hearing the defini- The prevailing look of toe 

autohfograpfaieal novel about it on " aIlt y- l* tte acoustic anomaly of Gil- interviewees is not gormlessness 

by German journalist Nicholas' |S e ^St f ^fdetechmSit? fa tates ^n odd mind even to toink bert’s middl e-Europe accent, so much as a slow, cornered, 
Bom. • ^^ teke^ourchriee contest of you would suppose that tongue-tied, crescent panic at 

A degagfi, sceptical West reflection aft er-th e-event 7 ^ n* 0- -+ • Madame Tussauds had merely the revelation of self. The eyes 

Berlin reporter (Bruno Ganz) _ , ' '5* slipped up a little while sculpt- nervously Take the floor; the 


Yankee Wives by B. A. YOUNG 


district for toe Blue Rockthrush lead in a new play by Nigel directed by Pam Brighton, But toe performance which Court 
and the Black-eared Wheatear, Williams. W.C.P.C., opening at designed by David Fielding and first brought him to national Jonsnn 


myriad sounds 


swamps of the Sologne for toe April 
;ReedWarWer. - * set 


the Half Moon Theatre , on lit by Andy: Phillips. 


29. The comedy, which is 
‘in and around the 


The cast -aisp includes 
Leonard Fenton, Alan Ford. 


first brought him to national Jonsnn to John Gielgud’s 
attention occurred in ITVs k^akeSTje«re in Bingo . by 
Coronation Street during the Edward Bond). 


The Old Globe at San Diego 
is now known as the new Old 
Globe. The old Old Globe was 
built in 1935, almost ancient 
enough by North American 
standards to rate as historic. It 
was at first only a temporary 
building, a part of the California 
Pacific International Exposition. 
Its “ onlie begetters ” were 
Thomas Wood Stevens and the 
British Shakespearian scholar 
and producer. R. Iden Payne, 
and its original function was to 
house three-quarter-hour 
Shakespearian miniatures. 

The layout of toe theatre was 
based on what was known of 
Shakespeare’s Globe. The little 
performances proved popular 
and were carried on into the 
next year. When at the end of 
the Exposition it was proposed 
that all its buildings should be 
pulled down a local group found 
the money to save It and re- 
build it in a slightly more 
permanent fashion. 

This made it permanent 
enough to serve as a lecture 
hall for the U.S. Navy after the 
Japanese made their entry. 
Stage east. In 1941. It reopened, 
the San Diego . Community 
Theatre, in 1946, with Shake- 
speare (still with the advice of 
Iden Payne), other classic plays 
and modern drama. In March 
1978 an arsonist anxious perhaps 
to add an extra touch of 
resemblance to the Jacobean 
original, burnt it down, and toe 


annual Summer Shakespeare 
Festivals were suspended. 

The ground-plan of the new 
theatre, which has a seating 
capacity of a little under 600, is 
still based on toe Shakespearian 
Globe, though it is a little big- 
ger than it was before toe fire. 
Like toe Olivier or the Festival 
Stage at Stratford. Ontario or 
Chichester Festival Theatre, it 
is equally at home with modern 
as with ancient plays. 

Outside, its somewhat squat 
dimensions and simulated half- 
timbered finish are much un- 
like the playhouse Shakespeare 
knew, especially when after 
dark it is ringed round with 
chains of fairy-lights; but inside, 
toe Jacobean ambience is as 
easily achieved as a more cur- 
rent style for current plays. 

The new Old Globe is now 
part of the Simon Edison Centre 
for the Performing Arts, a tri- 
partite venture that also in- 
cludes the Cassius Carter Centre 
Stage, an intimate house seating 
245, and the Festival Stage, an 
outdoor theatre holding 620. 
This is named for Mrs Simon 
Edison, a generous benefactor. 
The buildings are in the attrac- 
tive subtropical Balboa Park 
adjacent to San Diego's famous 
Zoo. 

There is a Shakespeare season 
eveiy summer, which began in 
1949 under Iden Payne. The 
burning of toe Old Globe tem- 


porarily halted it. but it began 
again in the new house this 
year with As You Like It, , 
directed by Craig Noel, who had 
been director of the theatre \ 
from 1941 until last year (with 
five years off for war). He was 
then given the appointment of 
Executive Producer. 

Unhappily, this was over on 
my visit What I saw in the Old 
Globe was Yankee Wires by 
David Rimmer. a new writer. 
This is about the wives of toe 
players of the New York 
Yankees baseball dub, and the 
fortunes of their backstage 
activities in directing toe for- 
tunes of the public activities. 
As I had just seen a good play 
about baseball at Louisville, I 
was prepared to find this inter' 
esting, but it seemed to me that 1 
every character and every situ- 
ation was prepared from basic 
cliche material. 

There was some nice playing 
by Joan Pringle. Deborah 
Taylor and (once she had over- 
come what seemed to be an 
initial conflict with a difficult 
acoustic) Ronnie Claire 
Edwards, but nothing in the 
play reinforced my new 
interest in the ball game. The 
direction was by Jack O’Brien, 
Craig Noel's successor, and 
Steven Rubin, the designer, 
gave us a multipie set that 
effectively disposed of any 
Shakespearian overtones. 


Wlgmore Hall 


Wilhelm Ohmen 


by DAVID MURRAY 


1960s where he played toe self- 


CHWS DUNKLEY 


Mr Ohmen is a firm-fingered 
pianist, as one heard in toe 
Bach B-flat Partita with which 
he began his recital on Wednes- 
day night. He made lavish use 
of the pedal, but with careful 
part-playing conveyed an ener- 
getic, consistent view of the 
music, if not an especially 
interesting one. In the 
“ Appasionata ” Sonata * of 
Beethoven he was heavy-handed 
— many a bass explosion 
drowned everything in Its imme- 
diate vxicinity — but not, it 
seemed, through any special 
dramatic intentions; in fact, 
there was little drama in the 
performance, which neither 


built effectively toward climaxes 
nor gave due weight to 
Beethoven’s breathless silences. 

More thoughtful sympathy 
was apparent in Skryabin's 
Fifth Sonata. Its bright erup- 
tions were more striking than 
its delicate, fainting passages, 
which remained a little stiff; 
but Ohmen has a reasonable 
grasp of the idiom, and con- 
trived a subtler range of piano 
colour for the Sonata than he 
offered anywhere else in toe 
evening. It is possible nonethe- 
less to suggest more cumulative 
power in the music than Ohmen 
made apparent — he gave us a 
chain of vividly contrasted links. 


but the chain was not drawn 
taut 

The ;en piano pieces that 
Prokofiev arranged from his 
ballet Romeo and Juliet were a 
mistake. An ingenious inter- 
preter can make something of 
them, though preferably not all 
of them at a go: they betray 
their origin in an excess . of 
dogged, unvaried rhythms. Here 
Ohmen was downright leaden- 
footed in number after number, 
and loud, and far too lazy about 
pointing such charms as the 
music posslsses. Probably 
Ohmen’s programme did less 
than justice to bis talent. 


THEATRES 


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F.T. CROSSWORD 
PUZZLE No. 4,848 

ACROSS 

1 Statesman with standard 
description of old glory 
(8, 4) 

10 Heavenly glance I disguise 

(7) 

11 Chap in the three-legged 
race (7) 

12 Can for Instance return 
slight flavour (5) 

13 Bet there is scope for lobby 

( 8 ) 

15 Soldiers take beer to country 
property (4, 6) 

16 CircuE performer makes 
authentic impression (4) 

18 Told off by an idiot (4) 

20 Support slide of man in field 

(6, 4) 

22 Wrinkle to get rid of: use 
a pack! (S) 

24 Another sale right on beam 
(5) 

26 Something to chew on with 
rent due maybe (7) 

27 An island race isn’t to take 
away rights (7) 

28 Elevated right to grow old 
in fury (8, 4) 

DOWN 

2 Mother putting spy in shade 
(7) 

3 Glad to be taken over at 
• work (8) 

4 Bird on tap (4) 

5 Appointment in country 
without any motorway (10) 

6 Knight left wfthouL lot of 
spear (5) 

7 Hunted animal round swamp 
in shade (7) 



8 Wifeswapping at Covent 
- Garden? (8. 5) 

9 Beastly strong drink creat- 
ing exuberance (6, 7) 

14 Avoid vicinity of guide — 
understood? (5, 5) 

17 One party In due course 
acquires a great admirer (S) 
19 Bit of b asr on head given 
extra fastening (4-3) 

21 Going no with the French 
swindle (7) 

23 Loud complaint unfinished 
by American Indian (5) . 

25' Pitch pole in lake (4) 


Solution to puzzle No 4,847 


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-Financial Times Friday April. 16 1982 


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HNANCIALUMES 

BRACKEN HOUSE,: CANNON STREET, LONDON EC4P 4BY 
Telegrams: Rnantimo, London PS4. Telex: 8954871 
Telephone: 01 -2488000- 


Friday April 16 1982 


Hope deferred 
in the U.S. 


THE "OFFICIAL admission by 
Mt Donald Regan, the U.S. 
Treasury Secretory, that the 
economy is “ dead in the water 4 " 
looks like an important taming 
point in the policy debate 
inside the Administration. It is 
now recognised that the 
economy has not turned, and 
will not do so as long as 
cripplingly high real interest 
rales remain the rule. A Budget 
compromise designed to reduce 
the Federal deficit is now seen 
as the main source of future 
hope. 

■While the U.S. experience 
looks superficially like a high- 
speed replay of the Thatcher 
experience, in which the fiscal 
discomforts we suffered tn 1981 
are to he faced rather earlier 
in the political cycle, there is a 
■wood deal less in the comparison 
than meets the eye. The fact is 
that Reagan's supposed supply- 
side experiment was never em- 
barked on. 

Repeniance 

The President has at no time- 
proposed a stimulating tax eut, 
lor the supposed cuts barely 
offset fiscal drag. He has in truth 
been tiyina ic rearm on credit, 
an inflationary expedient at any 
lime. 

Is the death-bed repentance 
loo late? It is true that a 
different approach, financing 
defence out of taxes rather than 
borrowing, would have pro- 
tected investment and activity 
at the expense of real incomes 
a year ago. but policy now faces 
a different dilemma. 

The second bout of rising real 
interest rate.-! — pushed up this 
Uni® by fail mo inflation as well 
as high nominal rales— has not 
only deuressed activity sharply, 
as in the UK. hot has left a 
legacy of acute financial worry. 
Ii jgitie of rapid innovation, the 
U.S. financial system remains 
far more vulnerable to shock 
than the British. 

The grim condition of housing 
finance has been obvious fur 
nenv months: the past issue of 
fixed-interest mortgages has left 
3 he savings and loan movement 
with a cash flow deficit of more 
than Slbn. More recently the 
troubles of ihe farm sector hove 
had devastating results on the 
farm machinery industry. The 
airline industry, which is highly 
geared, is also very weak though 
the aircraft suppliers may be 


protected by defence spending. 
The motor industry has suffered 
a savage slump, as has the con- 
struction industry. 

Motivation . 

The U.S. credit market is not 
well adapted to seeing borrowers 
through troubles of such 
severity. Corporate borrowers 
have relied. heavily on finance 
outside the banking system — 
bon d and corporate paper 
issues. This has made it possible 
to achieve tight monetary' 
comroi despite high inflation 
and interest rates, as it has not 
been in the UK: but when the 
going gets rough, financing 
problems are likely to set in 
much faster. 

Investors have little motiva- 
tion to lend good money after 
bad, and the backs are finding 
it difficult to hold their share 
of available deposits, let alone 
expand it rapidly to bail out. 
corporate clients whose credii 
market ratings have been down- 
graded. 

For the rime being, the finan- 
cial markets are almost equally 
worried about possible bank- 
ruptcies and a ballooning 
Federal deficit; high rates 
represent a premium on both 
financial and fiscal risk. How- 
ever, the markets cannot hedge 
indefinitely a gains v both infla- 
tion and deflation. 

Risk 

In short, we are at one of 
those chaotic turning points 
when those behind c’rv -For- 
ward!" while those in front cry 
“Back!" Such turmoil is un- 
likely to last for long: The 
latest production figures, and 
Ur Regan's admission about 
what they imply, may help 
sentiment to turn more rapidly 
towards deflation — to risk rather 
than return. 

There hare already been 
signs of such a -change in the 
behaviour of interest rate dif- 
ferentials and the investment 
policy of money market mutual 
fund& 

A sense of risk can do more 
to restrain rash lending than 
high rates. In these circum- 
stances. any credible progress 
towards a fiscal compromise 
could trigger off a rapid fail in 
real interest rates for prime 
borrowers. Pessimism may 
thus be the best hope. 


Civil servants 
as managers 


THE TREASURY and Civil 
Service Select Committee's 
recent report lamenting, the 
inadequate levels of managerial 
efficiency within the Civil Ser- 
vice comes some 15 years after 
the Fulton Committee first drew 
attention tu this and other fail- 
ings within Britain's national 
administration. The funda- 
mental weakness remains: 
management has never begun 
to attain the same status within 
the Civil Service as the tradi- 
tional and more glamorous 
policy role. 

The result as the committee's 
forthright report notes time and 
again, is that political policy 
targets, if ihey are set at all. 
^ arc not being achieved through 

- the best use of resources. And 
there is little or no attempt at 

- ensuring that programmes are 
designed to achieve their aims 

“ in the most cost effective way. 

, The managerial disciplines 
associated with the best run 
Z private sector firms are gene-' 
*. ratty absent. 

- Overriding 

\ As Ihe Government has set 
l itself the priority task of hoth 
" slimming the bureaucracy down 
and improving its quality, there 
is every reason to hope for a 
* positive response to the com- 
■ mmee's report sooner rather 
than later. But if a lasting 

V change ts to be made, a more 
•- radical approach to the Civil 
' Service is needed. 

I.. The overriding need is to 
change the concept of what a 
*. civil service career emails. It- 
? can no longer be good enough 

- to cream off the brightest young 
^ people from the universities and 
.'••• process them into a machine 

which will load them, usually 
slowly and narrowly, into posi- 
l tions of. control over large 
numbers of people and often 
~ enormous financial resources. 

- without even the most rudi- 
mentary knowledge, training or 

- - experience of management 

I~ An understanding of mahage- 

mem methods and a- proven 
ability to manage needs to 
become a prerequisite tor eleva- 
; tion to the higher echelons, 
•r equally important as. success in 
^ the policy arena. The hiving-off 
» of certain functions, into 

V separate agencies can he helpful 
» in certain circumstances 

(although the experience of the 
: ^ Property Services Agency is not 
encouraging! . There is a strong 
A case for a much dearer identi- 
Beat ion of management roles 


within directorates and depart- 
ments. This first requires much 
greater emphasis on managerial 
training and it is difficult to 
resist the select committee’s 
call for extensive training 
courses at all levels. This could 
be coupled with much more 
scope for civil servants to go 
out for short periods to manage 
local or regional offices. 

Movement 

Haring acquired some man- 
agerial knowledge, civil servants 
will still be seriously hampered 
from making the most effec- 
tive contribution possible unless 
there is some coherent manage- 
ment strategy within their de- 
partment. There are numerous 
ways of instituting management 
programmes and information 
systems of which Mr Michael 
Hescltine’s MINIS system is but 
one effective example. 

In parallel wfth these* deve- 
lopments there is a strong case 
for a general opening up of 
the civil service. More freedom 
of movement would enable 
people to Join the service after 
experience in another profes- 
sion. Wider management train- 
ing within the service (coupled 
with revised pension ’arrange- 
ments) would enable more 
people to leave easily in their 
40s and 50s with a background 
making them attractive for em- 
ployment and re-employment in 
commerce and industry. 

Creative 

■ This in turn would help to 
unblock promotion opportuni- 
ties in the middle ranks of the 
Civil Service. Excellence could 
also be further rewarded 
through a system of merit pay 
enabling further recognition (o 
be given to managerial skills. 

But whatever reforms of man- 
agement within Whitehall are 
brought forward by the Govern- 
ment. the fact remains that the 
Civil Service is a vital and 
creative part of Government. 
'Mrs Thatcher is the minister 
responsible for the Civil 
■Service and while many of her 
complaints about it may be 
justified, it might be prudent to 
temper .some of the more 
strident criticism for the sake of 
morale — which is as important 
as good management to efficient 
administration. The Civil 
Service must remain, above all. 
an attractive career proposition 
which will’ not be possible if it 
comes to be seen . as a demoral- 
ised backwater! 


U.S. AGRICULTURE 





By David Lascelles, recently in Kansas 


T .£E YOUNG wheat looks 
green and lush, out in the 
rolling plains of Kansas 
this spring, promising a bumper 
crop. But rt could turn out to 
be a biller harvest. 

American agriculture is 
facing what some people believe 
is its worst crisis since the 
Depression. Unless there is a 
major crop disaster elsewhere in 
the world to fuel demand, the 
billions of bushels of grain that 
American farmers reap this 
summer will only add to bulging 
stocks held over from last year 
and make matters worse. With 
farm prices falling, anything 
that props up the market is 
good news down on the farm, no 
matrer how bad for everybody 
else. There was secret rejoicing 
in Kansas last week at the possi- 
bility of a British blockade of 
Argentine wheat exports. 

Things are already so bad that 
the U.S. Department of 
Agriculture ( USD A ) has 
decided not to publish its 
annual forecast of farm earn- 
ings. Privately it puts the figure 
around $16bo, nearly a third 
below last year's disappointing 
result and less than half 1979's 
level. In real terms it would be 
the lowest since 1934. Virt'^JIy 
throughout the U.S. farmers are 
anxious and despondent— even 
discounting their usual 
grumbles. 

“ Out here we all go to bed 
dreaming that we’ll have a 40- 
busheban-acre crop and the rest 
of the world will hai'e a drought 
But our troubles have been go- 
ing on for seven years now and 
we’ve pretty much come to the 
end of the course, ’’ said Mr 
Howard Ward, president of the 
Kansas Association of Wheat- 
growers. scanning the 2,000 
acres he cultivates in the 
middle of the state. “ I expect to 
see some of my neighbours go 
broke this year. " 

The hard, times facing 
America's 2.5m fanners may 
seem Far removed from the woes 
of Detroit and the dole queues 
that most people associate with 
the recession-bound U.S. But it 
is a key part of the problem, and 
many economists have recalled 
that the bad times 'Of the 1930s 
were caused by the simul- 
taneous collapse of farming and 
industry. 

About 23 per cent of the U.S. 
workforce depends in one way 
or another on farming, and 
when it suffers everyone from 
the local fertiliser salesman to 
tottering industrial giants like 
International Harvester feels it. 
Record high interest rates' may 
Have knocked car and home 
sales for six. But jusr as 
important, they are throttling 
farmers and depressing land 
values. Agricultural . machinery 
sales have fallen 30 per cent 
since 1978. 

Even the Reagan Administra- 
tion's budget dilemma hinges 
partly on farming: there are 
few ways Washington can hall 
farmers out without adding 
billions of dollars to a deficit 
which has already smashed all 
records, so relief is not likely 
from that quarter. 

Farming has been heading for 
its present fix ever since the 
boom years of the mid-1970s 
when the early Russian grain 
deals sent prices skyrocketing. 



New way of life for a U.S. farmer 


THERE WAS a time in the 
1970s when Ken Camber’s 
600 acre farm by the 
Arkansas River in -the heart 
of the Wheat Belt provided 
him and his family with a 
living. Today, 1 Mr Gamher 
(above) drives the local 
school bus and his wife Jane 
does part-time teaching to 
bring in some extra money. 

" It's the only way we can 
keep up onr standard of 
living. Even so, things seem 
to be wearing out faster than 
we can afford to repair them." 


said Mr Gamher, who is 35 
and has been a fanner nearly 
10 years. 

Unlike many farmers, the 
G ambers were careful to stay 
oat of debt — a policy which 
may have deprived them of 
opportunities to expand and 
improve their property but 
has left them free of the 
crashing financing costs 
faced by others. But Mr 
G amber is still resentful 
about what be calls the 
“ cheap food ** policies 
pursued by successive 


a dminis tration, which have 
prevented farm incomes 
from keeping up with 
inflation. 

“ Do you realise there is 
only seven cents* worth of 
wheat in a 1 lb loaf of bread? 
if titey raised that to nine 
cents and passed the increase 
straight through to us onr 
troubles would he over.** 

Although Mr Gamher has 
pared back costs wherever he 
can, he sees no long-lasting 
relief until Washington 


accepts that farmers deserve 
a better return. He admits 
that production controls 
mig ht- be- necessary, though 
these- would be unpleasant 
Bnt like most, fanners, 
Mr Gamher says: he is not in 
it only for the money. “ There 
are times I get pretty dis- 
couraged and wonder why we 
keep knocking our heads 
against a wail. Bnt I like 
the elbow room, and there’s 
the satisfaction of seeing 
things click, which they do 
sometimes.'’ . 


Capacity soared in response and 
inevitably prices started coining 
down again. But in the mean- 
time costs were rising too: fer- 
tiliser, fuel, equipment and 
labour. 

But the cruellest blow was 
interest rates. Most farmers 
lean heavily on the banks to 
see them through untii the crop 
comes in. But many took advan- 
tage of rising land values to 
gear up their borrowing only 
to be crushed when interest 
rates more than doubled over 
the last three years and wiped 
out a large chunk of their 
income. 

The financing squeeze was 
worse for the most productive 
types of fanner: those who 
expanded aggressively and 
bought the latest machinery. 
Also badly hit is the new wave 
of young farmers who were 
drawn to the land by the 
“ earth "* movements of .the 
1970s and for a while reversed 
the drift away from the country- 
side. 

But while these cost pressures 
mounted, prices for farm pro- 
duce rose little if at all. Last 
year, the USDA's index of prices 
received by farmers fell by 11 
.per cent, with the price for 
major commodities like corn 
dropping by as much as a third. 
As a result, farm debt soared to 
S200bn. meaning that the aver- 
age fanner owed $10 for every 
dollar that he earned, five times 
more than the historical rate. 

Ironically, the crisis has 
blown up because the farmer is 
being forced l o pay for his own 
success. Good harvests and high 


productivity have created such 
an abundance of food on the 
U.S. market that the fanner 
who raises his yield is 
cutting his own throat. And it 
takes an immense setback to 
push up prices. Last year. 
Kansas, the leading wheat pro- 
ducer. lost a quarter of its crop 
to a late frost, but prices barely 
flickered. 

For some years, exports 
helped ease the oversupply: 
They now account for 30 per 
cent of all agricultural output. 
But even those markets are now 
falling to sop up the torrents of 
grain and wheat that pour oft 
the U.S. countryside. Farmers, 


always keen for a scapegoat, 
blame the Soviet grain 
embargoes imposed by the Ford 
and Carter Administrations for 
damaging their hard-won 
reputations as reliable 
suppliers. The Reagan Adminis- 
tration’s decision to lift the 
embargo was good news, but 
farmers claim that their foreign 
customers are still not buying 
as mudi as they might because 
of the fear of future trade 
sanctions. 

Aside from liftiqn the 
embargo, however, the /{dminis- 
tration seems to be doing its 
best to ignore the fanning crisis 
because all the most obvious 


F. 1 R >1 IXCOME 



1 : ' l l .1 T I , * 

1935 40 '45 '50 '55 '60 ’65 ’70 75 BO * 


remedies look distasteful for 
ideological or political reasons.. 

With budget deficits of over 
SlOObn looming. Mr Reagan 
cannot afford to increase price 
support levels, even . if his 
inclination towards free markets 
allowed him to. Nor are the 
yelps of fanners likely to bring 
down interest rates when the 
appeals of Detroit, the housing 
industry and the collapsing 
savings banks have failed. 

The USDA is doing its best 
to cepe by means that cost as 
little money as possible. In a 
bid to persuade farmers to cur- 
tail production. Mr John Block, 
the Agriculture Secretary, has 
asked th-m to reduce their crop 
acreage by up to 15 per cent The 
scheme is voluntary, but those 
who f *qn no . will qualify for 
vrrfcir, ty^c; of federal aid, 
inductin': crop loans. 

--■* Bj '>> v,-ech . -per ; v tnt -o f 
th? eligible land had been 
r'lr.rd up. Y/hich looks 
promising. But termers can 
still drop on* by June if they 
think crop prices will be high 
enough to .make tbr-t extra 15 
pc:- ce.T. worthwhile without 
federal aid. Most experts say 
the scheme will help. . but not 
much, . " It should have been 
25 per cent, not 15 per cent,” 
snapped ore former. 

The USDA’s c:hcr ftnoc lies 
in boor-ling rxp? - ' -. Along with 
members rf • the U.S. Fam 

Bureau. 1 ’-.? 1 i* of 

farmers. ’ : *s r-*» fr?-cl- 

ting the rcT’d tb rTC^'i**’. sr.lcs 
end try rri frre^sn 

-gcvernmenlr to lower tariffs. .on 


agricultural trade. The EEC's 
Common.. Agricultural. Policy is 
a special target, ‘ 

But many of . -the . largest 
markets . are in poor countries 
which cannot afford to buy US. 

- grain and meat at urtsubddiaed 

prices, especially with thedotiar 
so strong- The USDA has 
already predicted thttreoeafon 
abroad will reduce the vsane— 
though- not ■ neoesssray the 
volume — of U.S, -agrirtdtur&l 
exports this yov^ underiihiug 
the drawback to agriculture's . 
growing dependence on bveassas 
markets: volatility; : • • 

- The Soviet bloc ,«id iChtna 

■ continue to bold tmi the greatest 

promise, creating an .unusual 
alliance between the Communist 
world and the deeply conserva- 
tive Grain Belt where farmers 
keep close track- of the 
Kremlin’s gold sales. So long 
as farming is in .titrable, ~Mr 
Reagan will suffer tins., con- 
straint on his dealings with 
Moscow. ' 

"If the Russians have two 
good harvests in a row,, then ■ 

■ there will be a real debacle," 
said Mr John Dunbar.- dean. Df ■ 
the Agricultural Department at 
Kansas State University. “Wc 

- have a chronic overproduction 
. problem and the situation is 

becoming critical.”:/ ■ 

Despite all the alarmist, talk, 
nobody expects a new degression 
to sweep through TLS. farming 
and transform, the Mid-West 
into the dustbowl of the 1930s. 
Nor are massive bankruptcies 
likely because farmers have 
built up huge equity in -their 
properties thanks to higher land 
values, even though they are 
declining now. But farm. auctions 
are .on the rise; -and bankers 
report that more of their farm 
customers are in trouble 

What the crisis could lead to, 
though, is a drop in agricul- 
tural output which, while pain- 
ful, would provide the very 
adjustment that U.S. farming 
needs. The question is whether 
it comes in an organised fashion 
or as a result of fanning losses. 

Many farm experts believe the 
Administration or . Congress 
should seize the opportunity to 
reinstitute the severe production 
limits that kept supply and 
demand in fairly good balance 
in the decades immediately after 
the last .wari - At that . time, 
farmers were paid to leave land 
. fallow; But the chances trirthat 
seem small. -Things would 
have to get f3r worse than they 
are now before the Government , 
would act." said Mr Richard ’ 
: Smith, an economist ai .North- 
western National Bank in 
Minneapolis, a large grain trad- 
ing centre. - 

Farmers, not surprisingly, 
would prefer a solution which 
raises demand rather than 
curtails ■ supply. They want , 
better access to .foreign markets 
and possibly ihe redirection of 
USDA resources into financing 
exports. But many reluctantly 
agree that production controls 
might be necessary. Some are' 
even calling for a referendum 
on mandatory acreage controls: 
Whether they would actually 
support them if it came. to the 
crunch -is another matter. Jus 
supposing they did reap that 
-’0-bushel crop when everybody 
else had a drought? ' - - • 


Men & Matters 


Trust funds 

Americans, it seems, are that bit 
more decisive. The National 
Trust’s search for sponsorship 
for a two-month national festival 
this summer led to months of 
unproductive talks with British 
companies which, like the young 
lady, wouldn't say yes and 
wouldn't say no. Then the NT 
was Introduced to American 
Express. A deal was agreed in- 
side two weeks. During June 
and July this year 2p will go to 
the NT from every American 
Express card transaction in 
Britain. 

A minimum of £65,000 is 
guaranteed but the total sum in- 
volved will probably be well over 
£100.000. The cash will go to 
support more than 100 events. 
They include Cosi fan Tutti' at 
the BJewcoat School. London, 
son et lumiere at Cahrtwel! and, 
appropriately enough, a July 4 
Independence Day picnic and 
fireworks at Washington Old 
Hall in Northumbria. 

American Express believes. 



it's Friday, so it must he 
Buenos Aires l’** 


the NT is a worthy cause to sup- 
port in its own right. But, as a 
travel and tour operator, Ameri- 
can Express will also be 
running a welcoming eye over 
the trust's lm members. 

The link is likely to continue. 
Each time a membership spoli- 
ation form taken from an NT 
property results in a new mem- 
ber of American Express £5 will 
be paid to the trust. 

In a recinrocal gesture during 
the festival American Express, 
which has 700,000 British card- 
holders, will pay for a year’s 
free membership . of the NT to 
those introducing new members. 

•* But it will be very discreet. 
The American Express name 
won’t be all over onr slatcly 
homes,” the trust says reassur- 
ingly. 

Early riser 

Central bankers are- normally 
portrayed as staid but cunning 
old gentlemen skilfully practis- 
ing the art— as former Bank of' 
England governor Lord O'Brien 
once said— of * how to exude 
confidence without positively 
lying.” 

That mysterious institution at 
the huh of- the international 
■ central bank circuit, the Bank 
for International Settlements in 
Basle, is now trying to inject a 
dash of youthfulness into its 
information services. 

BIS is advertising for what it 
coyly calls a " younger editor ” 
to assist in compiling the bank's 
daily news ' sheet of world 
economic events. The bulletin, 
mainly assembled from inter- 
national news reports, is 
required reading for BIS execu- 
tives and is- also sent out 
regularly as a' service to other 
central banks. 

Newspapers ; telephoning the 
traditionally secretive BIS for 
information are usually treated 
to a thorough summary of what 
their rivals on competing papers 
have written that day. . 

The successful candidate, 
'apart from possessing the ability 


to translate "challenging texts 
on economics and related sub- 
jects ~ will need to be an early 
riser. Underlining that banking 
in Basle is far from being a 
sinecure, the BIS is stipulating 
that, in true Swiss earfy-bird 
style, the young banker should 
start work at 7.S0 in the morn- 
ing. 


City lights 


In the City of London the year 
1928 was marked by two 
happenings. A bunch of wildly 
euphoric company prospectuses 
was issued to suit a market 
mood in which almost any com- 
pany on offer was being eagerly 
snapped up by punters. And 
John Kinross started a long, and 
subsequently profitable, City 
career. 

Kinross went on . to. help 
found the Industrial and Com- 
mercial Finance Corporation in 
1945 and became ihe first 
general manager. Al 78 years 
he still plays an active part in 
ICFC. However, nearly all (he 
cheap and cheerful companies 
that arrived in the City with 
him . have long since been 
forgotten apart from Kinross' 
own records of those free-boot- 
ing days. 

He has a collection ' of old 
company prospectuses from the 
late 1920$ all of which he 
believes would b'e regarded as 
fraudulent by today’s standards. 
It was a widespread practice 
then for issuing house bankers 
actuaDy to write the more sensi- 
tive elements of the. prospec- 
tuses. Often they could not 
resist giving free rein to their 
enthusiasm fer an embryo com- 
pany. The job has long since 
been taken aver by lawyers. 
“And a good thing too," say* 
Kinross, pointing out examples 
of the wilder absurdities which 
used to be offered as bait to an 
expectant public. 

With a formidable horde of 
old city papers and diaries to 
draw upon, together with an 
excellent memory-, .' Kinross ■ 
decided to write a private record 


of his career for his grand- 
children. His story deserved a 
wider audience. Next week it 
will be published as Fifty Years 
in the City (Financing Small 
Business). John Murray, £12.50. 

Recalling his early days with 
ICFC Kinross provides a reveal- 
ing mslghr into the style and 
ambitious of the young Roy 
Jenkins who was then oh the 
staff. Never one to waste time 
Jenkins would pull a notebook 
from his pocket whenever he 
was held up on on the telephone 
and would proceed to scribble 
notes for a biography he was 
writing on Clem Attlee. ' 


Bitter news 

As if it’s not enough -having 
to drive on the wrong side of 
the road the Falkland Islanders 
are facing another cata strophe — 
a shortage of their favourite 
tipple. ' 

A Danish cargo ship, the Aes, 
on its way to the FaDdands 
with 850 cases of Deer and lots 
of Scotch whisky had to -be 
diverted and is now languishing 
in Rio de Janeiro, 

Many of the Falklanders arc 
descendants of Highland 
shepherds and have Scottish 
drinking tastes. They’re especi- 
ally partial, it sewns, to 
McEwan's Export . although 
Younger’s Tartan and Newcastle 
Brown go down fine as well. 
They also maintain the old 
Scottish custom of drinking a 
"half and a half”— half a pint 
and a whisky chaser. 

Should the Royal Navy ever 
make it to Port Stanley it will 
be able to raise the drought as 
well as the siege. The fleet is 
steaming southwards armed 
with 92,000 cans of McEwans. 

Out of print . 

Printing World reports that be- 
cause of production difficulties 
its special supplement on the 
UK’s top printers has been post- 
poned- 

Observer 



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ii5==a=Mferrs: 



THE FALKLANDS CRISIS 







By William Hall, Banking Correspondent 


* deflnttefy less easy marginal . . . business, it will 

tnfuutre about London as a probably not dothe.City lasting 
pnrmeJal centre, a senior Swiss damage, if "for no other reason 
banker last. .week. - ' than r there. is nowhere^ else for 

’•Britain is not a neutral of the‘ business to- go, 

country and it follows that from exce Pt N«w York. And it has 

J-l 1 i. !■ >1 Ml. 1 . J . hIiumiJh il...... i.. •_ 


time fo time it vUl' adopt a already- ■ mown that - ft is. 

foreign \ policy stance which, ioili willing t& freeze Iranian resets! 


foreign policy stance which ieill _ _ _ . . — ... 

• interfere with the commercial^ International banking is never' 
freedom of both domestic and fipin* to -be the same again. * 
foreign entities operating from Even so the City has. a lot at 
o British base . ... it is noise stake. ' Throughout • the 1970s 
to assume that, the City’s when, the world was- hit,-first, by 
relative position da on inter- the '.sharp rise in oil' prices and 
national centre wiQ 6e _ -n»uch. then by . recession, the • City's 
“t™* te- a consequence ,”. foreign .-banking ■ community 
5. JL Yassukovkh, managing neariy doubled' in terms of num- 
director European Banking -bers 'of. active players . 'Ten 
Company. yeats ago there were 174 foreign 

These opposing sentiments banks directly. - represented 'Tn 
highlight .the question, upper- the City , employing I2',70ff- staff 
most in the minds of London's and ' controlling 1 deposits of 
international banking com- HSJm. 

munity. Has. .the UK ..Govern- . Today.- -there are. over 350 the Inland Revenue has shown that the UK Government is dorsed by the bulk of the 
mentsdecisionto Wock Argen- foreign Tranks, ' employing neariy greater interest in taxing prepared to draw both British International financial eonmnm- 


: International 
Banking Centres 



“Tt a” 5 *t - 


Martyr i Barnes 


pne assets in the UK done three times as many staff and foreign banks more heavily, and and foreign banks into its ity and most would have pre- 

irreperable damage to the City’s controlling assets of £245bn. the costs of running a London poetical disputes. dieted that the British action 

« «— world’s New Torfc the nearest rival is- operation have been escalating The idea that the City of would have done irreparable 

Inanpial 1». — half T nu 4 m ranfrtlv T/irii4nn >c an. 11 " v. ■■■ 


reputation as the 

leading international fi n an c ia l less than half London’s size in rapidly. London is an “off-shore" harm to the City’s position as a 

.'terms of international lending Nevertheless, the City's share -centre which could remain tin- financial centre. However 
The City has a Tirt at stake .plays host to 100 fewer of the international banking sullied by Britain’s political attitudes are changing rapidly 
- - - - J - — markets has. been growing in crises has been torpedoed for 


The nsk bulk of the players foreign banks than London 
in the game are. foreign banks 


When the U.S. froze Iranian 


and. their decision , to locate tT.S. banks are very large banks 
business .in London is the main in their own right and based 


The London branches of some receQt * ears and ^ity has good. As the implications sink assets it was ugued ^ ^ 

bankers that SUCh action would 


reason why it . has grown so on the size of funds they control 
important : and now accounts wooTd rank among the world’s 


UK-BASED BANK’S INTERNATIONAL LENDING 


for around a quarter of the top 30 banks. As"' a group the 
world’s international banking London branches of U.S. banks 


business. 


last two. .decades on the back banka. 


of its freedom of official con- 


The growth of the eurodollar 

trols and central bank . regal a- market .has been one of the NB Foreign currency landing to residents and rwn-rasidants and starling 
tions. Now the City’s position ’main reasons why’ the foreign ' tandino n " w ** w,,nl * 
in this, market has been banks flocked to the City In 
thrown into jeopardy, in- the the 1960s and 1970s. The 


never be allowed to take place 
in London and the City would 
benefit as a result. However, 
despite the U.S. action and the 
subsequent lengthy litigation. 
New York does not appear to 
have suffered as an inter- 
national financial centre and 
the number of foreign banks 
opening New York offices con- 
tinues to increase. 

Two things appear to have 
happened. First, bankers are 
becoming much more resigned 
to being used as weapons in 
off -in, bankers are reacting in international disputes and 




British 

American 

Japanese 



banks 

banks 

banks 


$bn .’ - 


Percentage share 

End-Dec. 1977 ‘ 

2344 

23.1 . 

342 

114 

End-Dec. 1978 

301A 

210 

31.7 

124 

End-Dec. 1979 

2913 

200 

29 JO 

102 

End-Dec. 1980 

4949 

23J - 

25.0 

19.9 

End-Sept. 1981 

5704 

234 

23.9 

234 


Satire*: Bank at England Quarterly Bulletin 


second, apart from New York, 


eyes of many bankers, by restrictions on U.S. banks' lend- successfully fought 

Britain’s action to block ing abroad in the 1960s meant challenges from other European different ways. , 

Argentine assets. that they had to come to London centres such as Paris winch There are many bankers, par- there are no obvious alternative 

Banks fronr countries with to look for -“offshore” funds once had ideas of being Europe’s ticularly from countries such as “bolt-holes” for much of the 

no dispute with Argentina have which they could lend to their financial capital. Switzerland, who believe that business which is conducted in 

found ‘ their international multinational clients. Bankers find it hard to pin- ,he ^ Government’s action London, 

operations severely disrupted The absence of regulations point why the City continues to bas done lasting harm to the “ The days when you could 

merely because they happened and the more flexible attitude be such a successful inter- City. call in the U.S. Marines to solve 

to channel . business through of the Bank of England, com- national financial centre but One leading Swiss banker who international disputes are over.” 

London. Could jt happen again pared with other central banks, many believe that much of this has worked in the City for more ^ki the general manager of the 

if Spain falls but with the UK meant that banks enjoy is due to the confidence engen- than a decade said last week London branch of a leading U.S. 

over Gibraltar or China gets operating in London. In addi- dered by Britain's stable that be felt the affair had been money centre bank last week, 

into an argument .with . Britain tion, it is located in a con- political and economic environ- very badly handled. The Bank “The subtleties of life are such 

Over the future of Hong Kong?, venient time zone.' mid-way mC nt nf England had been caught that these instruments are no 

bankers are asking. If banks between- the Far . Eastern ; ...... . completely unprepared and it longer usable and we as banks 

decide to pull out the City ? s markets and the New York is against this background took 10 days for the authorities have to recognise that we are 

importance would • shrink markets. “at Londons foreign banking to issue the banks with detailed pawns and will be used in war- 

drastically. • . Over the years some of the ** instructions. Even worse the fare.” 

However, as the emotion City’s advantages as an inter- S =.«5? ic blocking of Argentine assets Swiss centres such as Zurich 

subsides the international bank- national centre have become P .. P 1 ^^ J T ir rTTSfrH S ».,^ se mLn bad disrupted foreign exchange and Geneva are obvious candl- 
ing community :1s beginning^ to rather tarnished. The Bank of ^T m ®, on t 1I1 ^p aD £? aJ conn ‘ deals. dates to capture business fleeing 

realise that ' while . Britirin’s England has introduced in- dence : In the City. The action Ten years ago such sent!- from London. Switzerland has a 

action may' tom away some creaaingly complex regulations. ~has~ demonstrated dramatically me a t s would have been en- sophisticated banking system 


and its bank secrecy, laws. Tt is 
both politically and economic- 
ally stable. It would be unthink- 
able for the Swiss Government 
to take the sort of actum now 
being pursued by the British 
. Government 

On the other hand it lacks the 
major money markets of New 
York and London, It restricts 
the entry of foreign banks and 
would find it -impossible to 
shoulder much of the business 
being done in London. Luxem- 
bourg is another possibility but 
its growth has been stunted by 
the impact of the regulations on 
German banks and neither 
Frankfurt nor Paris show much 
sign of being able to duplicate 
the City's role as an inter- 
national. as opposed to 
domestic, financial centre. 

There are candidates further 
afield but here again the pos- 
sibilities are limited. 

For these reasons, London 
and New York seem destined 
to continue to capture the bulk 
of the international banking 
business. 

Nevertheless, the world bank- 
ing co mmuni ty is . watching 
closely the way the Bank of 
England and the Treasury 
handle the freeze of Argentine 
assets. 

To date the verdict is that the 
Bank of England is approaching 
the problem with far more 
subtlety than its U.S. counter- 
part 

However, the UK authorities 
do appear to be adopting a 
tougher line than the U.S. 
authorities did at the time of the 
Iranian crisis in their treatment 
of Argentine individuals. 

If the British decision to block 
Argentine assets does nothing 
else it is likely to make private 
depositors at least review their 
investment strategy. It is also 
likely to lead to an increasing 
amount of gold being repatriated 
to central banks around the 
world. 

However, the real question 
raised by the freeze on Argen- 
tine assets in Britain is not so 
much its impact on the City’s 
role as a financial centre but its 
effect on the world financial 
system generally. Coming so 
soon after the Polish crisis and 
the growing debt problems of 
other Comecon countries and 
many less developed countries, 
the Argentine crisis has given 
another nasty jolt to the world's 
financial system and wiH 
severely test its robustness. 


Lombard 


The fetish for 
technology 


By Geoffrey Owen \ 


THERE IS a tendency in Britain 
to make a fetish of technological 
revolutions. The present vogue 
is for information technology: 
the growth industries of the 
future will be those concerned 
with processing and distributing 
information, producing an enor- 
mous demand for Information 
specialists. The boring busi- 
ness of making things which 
people want to buy will he car- 
ried out in automated factories 
requiring few if any blue- 
collar employees. 

Evidence for this vision of file 
future is pretty sparse; it may 
he based on a misunderstanding 
of what advances in information 
technology are actually doing to 
jobs. 

Take, for instance, the appli- 
cation of computer numerical 
control (CNC) to machine tools. 
The purpose of NC and later 
CNC was to control more pre- 
cisely the movements of a cut- 
ting tool and thus to permit the 
design and manufacture of more 
complicated pieces. However, 
the effect of CNC has not been 
to usher in the era of the auto- 
mated factory, replacing the 
traditional craft skills of the 
machine tool operator by a 
handful of computer specialists 
remote from the shop floor. On 
tiie contrary, as a recent study* 
of British and German experi- 
ence shows, CNC can and 
should enlarge the role of the 
operator. 

Engineering companies in 
the advanced industrial coun- 
tries are more and more con- 
cerned with making small 
batches of complex components 
and machines, rather than large 
volumes of standard products. 
This requires a high degree of 
flexibility on the part of the 
machine tool and its operator, 
so that for example, the change- 
over from one part to another 
can be handled quickly .and 
efficiently. Rather like a pocket 
calculator in the hands of an 
office worker. CNC does not dis- 
place the craft skills of the 
operator but enhances them. 
“Information-processing” skills 
are added to his vital experi- 
ence of materials, tools, speeds 
and so on. 

It is striking that in German 
factories programming tasks 
are increasingly carried out on 
the shop floor by the operators 
themselves. In Britain there is 


a tendency to put programming 
functions into the hands of plan- 
ners and not involve foremen 
in the organisation of CNC to 
the same extent as in Germany. 
This reflects well-known 
national differences in attitudes 
towards training and the demar- 
cation of jobs. 

On the basis of their study 
of CNC the authors suggest that 
the spread of micro-electronic 
information technology does not 
necessarily create a new demand 
for information-processing 
skills, but makes possible the 
evolution of traditional skills 
towards higher levels of exper- 
tise. They criticise the notion, 
prevalent in Britain, that the 
promotion of lech oologies like 
micro-electronics or software 
design is the key to the creation 
of jobs. The revitalisation of 
manufacturing industry, they | 
argue, requires occupational 
skills of a ’'non -inform a tic” 
type, which are developed and 
expanded through information 
technology. 

All this is relevant to the 
review of technical training 
now going on in the UK. But 
the study also casts doubt on 
the assumption that the shift 
from manufacturing towards 
clerical white-collar and service 
employment will continue 
indefinitely. Micro-electronics 
may have a dramatic effect on 
productivity in services like 
banking, insurance and retail 
trade, limiting the growth of 
employment in those areas, 
while constraints on government 
spending will reduce job 
opportunities in the public i 
sector, this is already apparent 
in Germany. 

It follows that the efficiency 
of the manufacturing industry - 
is even more important in terms 
of employment and that the 
direction of training policy 
should he towards the upgrad- 
ing of technical competence in 
manufacturing, not the creation 
of a new breed, of information 
specialists. 

* Microelectronics and man- 
power in manufacturing ; 
applications of computer 
numerical control in Great 
Britain and West Germany. By 
Arndt Sorge. Gert Hartmann, 
Malcolm Warner and Ian 
Nicholas. International Institute 
of Management, Plate der Luft- 
brucke 1-3, 1000 Berlin 42, West 
Germany. 







-?• 

pr L-f 


Letters to the Editor 


Debentures, 20-year money and corporate issuers 


From.fhe President. 

Association of Corporate 
Treasurers 

• Sir,— In discussing possible 
ways of re-opening the deben- 
ture.. market • for corporate 
issuers. Lex suggests (March 
29) that even if the reopening 
of tiie market waff stimulated by 
imaginative tax breaks, com- 
panies might still be loss than 
enthusiastic because they are 
well satisfied with other -sources 
of capital, notably medium-term 
commercial bank borrowings. - 
Lex draws a comparison with 
Germany where companies, des- 
pttr much lower rates of 


interest, still prefer to borrow 
from commercial banks. We 
think that this comparison is 
invalid. There is an inbuilt bias 
in Germany towards borrowing 
from tiie commercial banks 
because of the latter’s signifi- 
cant equity stakes on corpora- 
tions. There is not a great deal 
to choose in. maturity between 
.seven-year money ■ from the 
banks and 10-year money from 
the capital market 
In the UK, we are talking 
about a capital market— when it 
functions 'properiy-^-which can 
•deliver debt maturity 'in excess 


of 20 years. And. looking at the 
way corporate balance sheets 
have deteriorated over the last 
decader it is high time that 20- 
year money was available' if 
there is to be any real chance 
of rebuilding industry in this 
country- We believe there is a 
pent-up demand for long-term 
debt"- which only awaits the 
right key for unlocking the 
market. 


High interest 
rates 


Treasurers, 

Third Floor, 
Pembroke Rouse, 

40, City Road . EC1- 


Divestment at 
Lloyd’s 


■ From the Chairman* 

Alexander Howdeu Grom? 

. Ai&tratia . ... 

Sir.— If the purpose of divest- 
ment at Lloyd’s is to eradicate 
— conflirts-of interest, then, to do 
: the job properly, logic requires 
.the- complete severance of 
^ownership link* between all 
Insurance brokers (whether 
trading at Lloyd's. or not and all 
■tmderwrUinc agencies (whether 
acting for Lloyd’s syndicates or 
for insurance -companies) and 
between brokers and Insurance 
companies. Furthermore, brok- 

■ in* firms should be required to 
ceklcojH? rating binding -author*- 

• tie* on behalf of Insurance com- 
-Denies or Lloyd’s, syndicates. 

- Employees of J Lloyd’s broking 
' companies should be disbarred 
from being underwriting mem- 
bers Of Lloyd’s. Such legislation 
would of course require a public 

Bill, but it would eradteafe \’ir- 

tually all the apparent conflicts 
in. .the London market snd 
would . doubtless be hailed by 
jurists as a perfect piece of sur- 
gery. The end-product would of 
course be that the lient would 
be dead. 

Three simple amendments to 

• -the Lloyd's Bill would go a lone 
way towards restoring .unitv of 
purpose to our -market, without 
imposing artificial handicaps on 
Loudon ris-d-ris its international 
competitors, and yet stiH give 
to the future council the self- 

. regulatory powers which Lloyd's 

areakJdiigr' 

Impose mandatory separation 
of management in place of 
divestment. -Restrict immunity 
so that it applies solely to mem- 
bers of ttoyd,V Give a« mem- 
bers equal voting rights. 

These amendments would 
separate effectively the broking 
and. underwriting functions, 
without the divisive and finan- 
eiallv damaging; consequences 
whteh-&ve$&nent would inflict 
on rhe licytfff community. They 
-wouta.ftvatil. the danger of the 


“knock-on” consequences of 
divestment causing wider- dam- 
age to the whole London market 
and our Invisible earnings. 

In addition they would 
clim£naie fhe manifestly -unjust 
requirements for our top insur- 
ance marketing groups - to sell 
their ■ valuable agencter-^the 
forced' sale at false prices of 
assets worth over flOttm makes 
no sense at all when another 
practical and far less -radical 
solution is readily available; 
avoid the hazards of -the con- 
trol of these agencies (some of 
the largest and most efficient 
in the market) and An" respon- 
sibility . for appointing the 
underwriters moving' -into, the 
hands of less capable and less 
easily-disciplined owners: leave 
underwriters with the option of 
marketing their Deducts 
through a broking -affiliate of 
their own creation, should they 
so. wish. Avoid dtouptingr the 
present relationships between 
several thousand members, of 
Lloyd's and their chosen agents, 
avoid disturbing the pension 
and other rights pf hundreds of 
employees in the agencies con* 
cemed, allow Lloyd’s own 
sen it*- at all and senior personnel 
of Lloyd’s broking 'firms or 
agendo.*. — several . thousand men 
and women are involved — to 
retain their normal civil right*?, 
while still eliminating any 
hazard of disgruntled names 
peeking to recoup their indi- 
vidual losses from • the total 
membership of Lloyd's by bring- 
ing suit against the council of 
Lloyd's: and remove the divisive ■ 
feature in the present Bill 
whereby working names ,liaw 
eight times the voting power of 
external- names. 

Ronald Comery. : 

M5FittSt; 

Sydney. NSW 2000. - - 


The price of 


zinc 

From the Non-ferrous Editor 
Metal Bulletin • • 

Sti-.—Jobn Edwards (April 8) 


states apropos zinc — “But be- 
cause roost producers have failed 
to follow tiie cut to $860. the 
producer price, as established 
by the London' magazine Metal 
Bulletin, has remained at $900.” 
This was an accurate statement 
of the porition at that point. 
Since, however, there are a large 
number of * ores, metals and 
metal products for which price 
quotations are established by 
Metal Bulletin, • your readers 
may perhaps have been misled 
as to the extent of Metal Bulle- 
tin's role in the formation of 
this price. 

In zinc, the' producers have a 
much greater degree of control 
over what wiH be published in 
Metal Bulletin than do the pro- 
ducers of the Other metals for 
which a. free market price is 
quoted. Indeed, the terms of 
reference for the quotation, 
which were originally laid down 
by the producers themselves, do 
not allow Metal Bulletin to take 
account of actual transaction 
prices — only of individual zinc 
sellers’ price announcements. 

In contrast, ail other price 
quotations established by Metal 
Bulletin start with reports made 
privately to the journal by 
parties in the market of trans- 
actions they have recently con- 
cluded. In other words, the zinc 
producer price is established on 
the basis of e producer priced 
market rather Gan a free 
market 

It is further worth emphasis- 
ing that Metal Bulletin’s role in 
the zinc producer - price quota- 
tion process has been progres- 
sively thrust upon it by the 
evolution of events since 1964 
when the producer price was ini- 
tiated by the producers them- 
selves. Your readers could also 
be misled if they relied. upon the 
tenor of Mr Ratjen’s remarks, 
also quoted in the article, fbr- 
their understanding of this, by 

now, unhappily complex Issue: ' 
David S. Gilbertson, ' . 

Metal Bulletin. - 
45-46, Lower Marsh, 

SE1. 


From the Financial Director 
Arid Lands Development 

Sir,— -I was very interested to 
read David Lascelles (April 1) 
“Savers may hold key to high 
U.S. interest rates." If he is 
right as I think, he is. in saying 
that the reason for high 
interest rates is not in the 
level of UBu government debt 
but in the ability to market that 
debt, Britain's innovative 
approach to the capital markets 
may be able to teach the 
Americans something. 

Due to the gradual rise in 
inflation rates since the last war 
fixed interest rate securities 
have been one of' the worst 
investments of the last 20 years. 
It is therefore not surprising 
that despite the U-S. govern- 
ment deficit being a small 
proportion of gross domestic 
product, 3.5 per cent, compared 
to 5 per cent UK and 5-6 per 
cent in Japan: investors have 
not flocked to lend the U.S. 
Government the money it 
requires. The Tory Govern- 
ment’s policy of floating a 
certain amount of inflation- 
linked securities has found a lot 
of support amongst investors 
who have seen their savings 
badly eroded. The foil effect of 
this has hot yet been seen. 

One of the problems of this 
scheme is that on the face of 
it now is a good time to buy 
conventional bonds. However, 
pronouncements such as this 
have been made frequently over 
the last ten years and from a 
long term perspective they have 
been hopelessly inaccurate. I 
believe that if the UE. Govern- 
ment financed 25 per cent of its 
borrowing requirement through 
inflation-finked securities it 
would allow domestic interest 
rates to fall substantially over 
a ten-month period. Since the 
long term cost of inflation-linked 
borrowings to the Government 
is likely to be high judging from 
past experience there would no 
doubt be a return to conven- 
tional borrowing when interest 
rates had fallen u> say 10 per 
cent The capital markets of 
the world have been very kind 
to governments ' and corporate 
borrowers alike but the number 
of suckers is sot increasing at 
the same rate as the increase in 
the demand for funds. Mach of 
tiie money which now goes into 
money mar ket fu nds in the J3S- 
mitfit be attracted to index- 
linked gilts, and if the new 
securities were successfully 
marketed the savings ratio 
should improve. 'When' Ameri- 
can interest rates fall as a result 
of this flood of money to the 
bond markets the world 
economy would undoubtedly be 
placed on a surer footing . 
Jonathan Civile. 

5 Dose Metes, SWS. 



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Financial Times Friday April 16 1982 


Companies and Markets 


UK COMPANY NEWS 


Second-half rally puts 
London Brick over film 


WITH second-half pre-tax profits 
advancing from £3.33m to 
£5.99m, London Brick Company 
ended 1981 with figures up from 
£10.74m to £11. 15m. The final 
dividend is raised from 2.633p. 
to 3.25S4p for an increased net 
total of 4.S926P against 4.3662p. 

Turnover rose from £123.S7m 
to £l27.09m, and trading profits 
improved from £13 -34m to 
214,95m. The pre-tax figure was 
struck after depreciation higher 
at £3. 09m compared with 
E2.Slm, and interest charges of 
£l.36m against £1.84m. Invest- 
ment income was considerably 
lower at £655.000 f£2.05m). 

Tax took £4.1m (£986.000 

relief), leaving £7.06m 
(£ll.73m). After extraordinary ■ 
debits of £3. 14m (£Ura). attri- 
butable profits were £3.91 m 
(£10.64m). Dividends absorb 
£3.06ra (£2. 7m). giving retained 
profits of £856,000. which was 
well down on the previous 
year's £7.94m. 

The company has entered into 
an agreement to acquire 
3,448,154 ordinary shares in 
Brick and pipe Indus tries, an 
Australian-listed company. 
London Brick is the beneficial 
owner of 1.25m ordinary in 
B and P. 

The acquisition will he com- 
pleted in three tranches, and is 
subject to consent fmm the 
Australian Reserve Bank. The 
acquisition of the third tranche 


HIGHLIGHTS 


Overseas 
loss hits 
Taylor 
Woodrow 


Morgan Crucible falls: payout held 


The Lex column looks at the results from BTZ the diverst 
fled mining company, which reflect the pressure on bass-metal 
earnings, and. as the contracting season gets underway, it also 
considers the figures frojn Taylor Woodrow and London Brick. 
RTZ has reported, as forecast, a fall in 1981 net income after 
minorities from £1 55.4m to £1023m. The decline was princi- 
pally due to the extreme weakness of base-metal prices, in par- 
ticular copper. The situation was somewhat redeemed by the 
very strong earnings from Borax. Taylor Woodrow maintained 
its full-year pre-tax profits at £248m, even though it ‘ran into 
problems in Trinidad. Meanwhile London Kick achieved an 
element of recovery in the second half as capacity reduction 
began to take effect and the company turned in little changed 
full-time profits before tax of £L1.15m, against £10.74m pre- 
viously. The column also looks briefly at yesterday’s market 
position before examining the proxy battle over Lonrho’s 
borrowing limits. 


is also subject to the consent of 
the treasurer of the Common- 
wealth of Australia under the 
Foreign Takeovers Act, 1975. 

Completion of the first 
tranche, representing L234JI78 
shares, will take place within 
sever) days or when Reserve Bank 
consent is obtained if that should 
be later, and completion of the 
second tranche, representing 
1.054.473 shares, will take place 
on June 30 19S2. 

Completion of the third 
tranche, representing 1,158.703 
shares, will take place 28 days 
after consent under the Foreign 


Takeovers Act 1975 has been 
obtained. Consideration payable 
in cash on apmpletion of each 
tranche. 

On completion, London Brick's 
holding in B and P will be 
4.698.154 ordinary (19.897 per 
cent). Total consideration for 
this holding will have been 
AS9, 176.493 (current rate £5.46m). 
Accounts of B and P for year 
ended March 31 1981 showed net 
assets attribntable to share- 
holders of AS47.25m and profit 
before tax and extraordinary 
items of ASS.58m. 

See Lex 


Lloyds’ chief on Argentine risks 


THE possible risks to which 
Lloyds Bank is exposed through 
its banking ventures in Argentina 
would be well within the Bank's 
prudential caaprity. Sir Jeremy 
Morse, the chairman, told the 
annual general meeting yester- 
day. 

Lloyds has been involved in 
Argentina for more than 190 
years, and it emlpoys some 2.000 
staff in 38 branches. Sir Jeremy 
said Lloyds was very deeply con- 
cerned over the affair and like 
everyone else hoped it couid be 
resolved as quickly as possible. 

A lot was at stake in reach- 
ing a settlement of the Falk- 
lands* issue he said, particularly 
at a lime when the economic 
indicators suggested the reces- 
sion was bottoming out A 
speedy resolution, if it couid be 
achieved, would he helpful in 
allowing the British economy to 
take a turn for the better. 

In his statement to share- 
holders, Sir Jeremy concentrated 
on three issues; the taxation of 
bank profits and leasing arrange- 
ments reviewed in the Budget 
international bank lending, par- 


ticularly to Poland and, thirdly, 
the Argentina situation. 

Two shareholders questioned 
him about the Lloyds* involve- 
ment with Chile and Argentina, 
bath governed by military dicta- 
torships. Sir Jeremy said the 
bank had to take a long-term 
view of its business and although 
it was not unmindful of non- 
commercial considerations, the 
main criteria for lending were 
ven* much oommerclal. 

Lloyds had a direct presence 
in 46 countries, he said, and 
made loans to a total of 120 
countries. Sir Jeremy said the 
Polish situation had cast a 
shadow over toher East Euro- 
pean economies, although their 
position was not the same. 

The need for both govern- 
ments and banks was to avoid 
laxity on the one hand, but also 
on the other hand to avoid 
aggressive political action nr an 
excessive withdrawal of facili- 
ties. It . was in everyone’s 
interests to help the debtor 
countries through to repayment. 

Lloyds would be prepared to 
pay its proper rate of tax, bat 


It would not be prepared to be 
singled out for special taxation. 
Sir Jeremy said. He was one of 
the leading critics of the 
Government’s special bank 
profits tax last year. Lloyds 
made a £385, 6m pre-tax profit fn 
the year ending December 31 
1981. 

The AGM approved a special 
resolution giving ptower to the 
board to allocate 72m unissued 
shares, of which 26m were 
already earmarked for conver- 
sion of loan stock and for the 
staff share option scheme. 


HIT BY a £4m loss on a road 
contract in Trinidad, taxable 
profits of Taylor Woodrow, 
builder and civil engineer, were 
virtually unchanged at £24J58m 
for the 1981 year, compared with 
£24S4m. Turnover, including 
associates, amounted to £575m, 
an increase of £55m. 

The deficit represents the 
group’s share of the loss 
suffered by an associate; sub- 
stantial claims are being pur- 
sued on the contract, directors 
state. 

The yeart dividend is main- 
tained at 16.307p net per 25p 
share with a final of I3.157p. Last 
year’s final payment was 10.157p 

but a Special anniversary bonus 
of 3p was also paid. 

At the interim stage profits 
were slightly ahead at £&36m 
against a previous £8.16m. 

Depreciation took £1 5.7m 
(£11.77m). while associates 
share amounted to £2.42m 
(£2.48m). 

Tax charge for the period was 
higher at £9.23m, against £7. 78m, 
and after minority interests of 
£L02m (£584.000) earnings are 
shown as £14.63m (£16.48m) or 
49.7p (56. ip) per share — fully 
dfluted they are given as 48.3p 
(55.6p). 

Extraordinary credits totalled 
£6.02m lifting the available 
balance to £20.65m — Last year’s 
figure of £36. 66m was after an 
extraordinary credit of £20.18m. 
which included a deferred tax 
release of £20.6m. 

On a current cost basis pre-tax 
profits are reduced to £3 7.43m 
(£18.7m) and earnings, before 
extraordinary items, are shown 
as 27fip (37.7p) per share, or 
27.7p (37J3p) fully diluted. 

See Lex 


A DROP in pre-tax profits from 
£1 0.03m to £&Q7m is reported by 
the Morgan Crucible Company 
for the 53 weeks to January 3, 
1982 although sales for the 
period rose to £133.01m, com- 
pared with- £1 23.7m. After six 
months taxable profits were 
£3.91m lower at £2-59m... 

The full year results of the 
UK subsidiaries were, “inevit- 
ably poor” although there was 
some recovery in the second 
half when trading profits, which 
had been as low as breakeven 
in the first quarter, improved to 
£1.9m in the fourth quarter as 
reductions In costs began to 
work through. 

By contrast, the group's over- 
seas companies continued to 
trade satisfactorily throughout 
the year, producing trading 
profits of £&2m, excluding 
Hydrates which contributed 
trading profits of £877,000 
between its acquisition in 
September and year-end. 

Mr Ian Weston Smith, the 

chairman, says 2982 has started 
quietly, especially in the U.S. 
where the severity of both the 
weather and the recession will 
prevent Hydrotez from achiev- 
ing the rate of profit in the first 
half reported since its acquisi- 
tion. 

For tiie group as . a whole, 
which supplies components and 
materials to industries through- 
out the world, the chairman 
says pre-tax profits for the first 
six months are expected to show 
a ** very noticeable improve- 
ment” over the corresponding 
half of 19SL . 

The pre-tax profit for the year 
under review included invest- 
ment income of £330.000 
(£199,000) and was struck after 
net interest charges of £4. 02m 
(£2.95m) and redundancy and 


relocation costs In the UK of 
£900,000 (£l.D8m).' 

Tax, less grants for capital 
expenditure, totalled £2. 39m 
(£3-l8m) and, after minorities 
and provision for- preference 
dividends, earnings attributable 
to ordinary shareholders 
emerged at £4fl7m (£&43m). 

Stated earnings per 25p share 
were well down at 10*.5p (15.4p> 
bat a final dividend of 4p (3p) 
maintains the net total at ?flp on 
the enlarged share capital. 

At the end -of March some nine 
acres of the Battersea site -were 
sold to Wales for £3m, payable 
over the next two years. plus an 
equity share in the proceeds of. 
the sale of fiats and houses which 
are to be built on the site. 

Excluding this equity share 
the group’s net profit of the 
transaction was approximately 
£950,000 which’ will he included 
as an extraordinary profit in the 
current year. Development of the 
remaining L5 acres is stilt under 
dismission. 

A divisional breakdown of sales 
and trading profits (£U.77m. 
against £12. 78m) shows: electrical 
carbon £3&2$m (£29 -27m) and 

£3.13m (£3J55m); special carbons 
and ceramics £20.53m (£2 2. 36m) 
and £969,000 (£2. 18m); Thermic 
£4L53m ( £41. 45m) and £3 -55m 
(£4. 52m); Acorn £28-96m 

(£22.5203) and £2. 36m f£2.4m); 
other products £8.74xn. (£7.12m) 
and £1.14m (£518,000). Holding 
company trading profits were 
£615.000 (£516.000). 

CCA pre-tax profits were £2.85ra 
(£3.55m) and loss per share 0.6p 
(0.4p earnings). 


DIVIDENDS ANNOUNCED 


Date Corre- Total 
Current of . spending for 
payment payment div. 


Total 


Aberthaw Cement 7.5 

Beaiiford Grotip 1.4 

Bestwood ’ “ . - 

Camrex 

tdyde Petroleum a»T. 

Combined Eng. Stores ... 1-86 
Dowding and Mitts’ int 0.78 

Feb IntL ■ 

Forward Technology - J-* . ... 
General Scott Trust ...... : J-J- . 

Harrison <T. C.) 2.18 - 

Hewden-Stuart 9-j* 

Kalamazoo »...■■■ rot 5-83 

Land Investors hit- ’ 

F. J. C- Ulley 

Lond- & HoJyrood Trust 4 
London & Prov. Trust ... 


July 2 


June 1 . 
July 1 
July-2- - 
July 20 


May 28 
July 7 ; 


.6.5 

Nil 

4£ 

Nil 

0.55 

1.66 

0.7 

i.88r 

23§ 

T.9 


year 

11.5 

2.1 

5.5 
402 
0.55 
3.15 ; 


225 

3 

3.1 - 


year 
10 ■ 
07 
AS 
Nil -- 
0.55. 
3.15 
1 AS . 
. 3fc0* . 
-7:9* 
: 2.9 


3.65 


London Brick 


L95 


Kartonafr int 

Morgan Crucible 

Wm- Morrison — — . 1 - . 

Neil and Speneer Nil 

NMW. Computers 4 

M. F. North 

Taylor Woodrow 13.16 


July 8 
May 24 
May 24 
June 2 
July 26 
July 26 
July 3 
May 14 
July 16 
May .29 


May 29 

Jude' 21 
July 1 


S.0B r 

3.1- 

2.95 

OJ& 

1.2S 

.128 - . 

OflJ 


25 ' - 

02 

— .'•■ 

. • 

3 2 

5* 

5 \ 

3.75 

6 

5.75 - 

3.3 

5.65 

53 - 

2.63 

4 J&~- 

-437 =• 

U5 

■ — 

7-& . ; 

3 


73 

0^* 

1.4- 

155*- . 

0.7 

Nll •• 

2,1 - - 

2J* 

4 

2.5* 

0.68 

<1JB 

08 -- 

10.16 

16.31 

1231V 


Dividends shown pence per share net except w^e otherwise stried 
* Eouivalent after allowing for scrip issue, t On _ capital 


increased by rights and/or acquisition issues, t USM Stocks SFor 
18 months including 33p second interim. S Includes special 3p 
payment. / 


comment 


Morgan Crucible’s near 20 per 
cent drop in pre-tax profits looks 
back at a very difficult interim 


period. Second half on second 
half there was a 55 per cent 
increase m pre-tax profits, as 
tr pffchig margins recovered to 
about 10 per cent- Overseas sales 
at 66 per cent of the t otal, up 
seven points, reflect the flatness 
Of Ihe home market. Special 
carbons and ceramics experienced 
more than halved trading profits, 
but rationalisation should lead 
to some recovery this year. 


September's £19m U.S. acquisi- 
tion, Hydrotex. selling about 44. 
per cent of output to farmers, 
was hit by the N. American 
winter, but is expected to be 
washing its face of fisanc? 
charges tins year. Despite the 
drop of a third in Jcamingr.'pdr 
share and a current cock boss, 
the dividend has been main- 
tained. The shares, at £23p up 
lp, yield 9 per cent 


Forward Technology £691,000 in the red 


Dowding 
& Mills 


IN 1981, Forward Technology 
Industries incurred taxable losses 
of £891.000 compared with re- 
stated profits of £1.72m for 1980. 
la the previous accounting 
period, covering the 18 months 
to the end of 1980, the actual 
pre-tax surplus was £2 .91m. Turn- 
over fell from a re-stated £44.3m 
to £41fllm. 


Aberthaw 
rises to 


improves 


£3.1 9m 


AULT & WIBORG 
GROUP 


Salient points from die Statement of 
the Chairman, Mr. C. F. Strang. 

Group sales in 1981 totalled 
£55 million (1980 £53 million). 
Trading profit- before redundancy 
and closure costs - was £2 million 
(£27 million). 

Pre-tax profit was £120,000 
(£1.2 million). 

Following a loss of £565,000 in the 
six months to 30 June 1981, the 
improvement in the second half 
reflects benefits arising from the cost 
reduction programme and some 
recovery in trading towards the end 
of the year. 


PAINTS - CHEMICALS - INKS - ENGINEERING 


INCREASED SECOND half tax- 
able profits at Aberthaw and 
Bristol Channel Portland Cement 
Company of £2 ,2m, compared 
with £1.1 9m, more than made up 
for a de clin e In the first six 
months and it finished 1981 
£626,000 ahead at £3. 19m. 

With stated earnings per 25p 
share of this . cement manufac- 
turer at 61.09p (53.37p) the final 
dividend is being increased from 
6.5p to 7flp making a total of 
11.5p (lOp). 

Turnover advanced from 
£31 -13m to £32. 88m. Pre-tax pro-, 
fits included deferred grants 
released of £169.000 (£194.000) 
and were struck after deprecia- 
tion of £lm (£882.000) and 
interest charges of £718,000 
(£912,000). 


RECOVERING from the reces- 
sion, Birmingham-based electri- 
cal and mechanical engineer, 
Dowding and Hills, showed a 
21.5 per cent rise in pre-tax 
profits friun £652,332 to £792,474 
for the six months to December 
31 1981. 

The directors say there has 
been a small improvement in 
the level of activity since 
January, which enables them to 
predict full year profits ahead 
of last year’s £l-33m- 

The net interim dividend has 
been lifted from 0.7p to 0.78p. 
Id the last full year a total of 
1.65p was paid. 

Sales for the 12 months were 
marginally lower at £823m 
(£S.35m).. 

Hr Peter Hbllings. chairman, 
has announced that the group 
will be opening new premises at 
Hemel Hempstead, north-west of 
London, by July, and that it is 
buying a small electrical repair 
business at Poole, Dorset 


However, Mr Gordon S. Allen, 
chairman, says that barring un- 
forseen circumstances, the direc- 
tors expect a return to profitable 
trading during the first half of 
the current year and view the 
second half with confidence. 

With losses per 25p share of 
fhis manufacturer of electronics, 
specialised machinery and plastic- 
based products, stated at 6.4 p 
(6.2p earnings for 19S0, 10.8p 
earnings for the previous IS 
months) the final dividend is 
being cut to 0-7p net (23p) 
making a total of 3p (5.6p and 
7flp for the 18-month period). 


A breakdown of sales and had- 
ing profits (with re-stated com- 
paratives for 1980) shows: elec- 
tronics and special purpose 
machinery £21.46m (£21. 12m) and 
£1.0Sm (£2 .37m); graphic arts 
£S.33m (£10.07m) and £466.000 
losses (£171.000 profits); plastics 
£4.26m (£6.34m) and £238.000 
losses (£57,000 .profits); and 
sound reproduction £7.86m 
(£6.7Tm) and £677,000 (£576.000). 

Mr Allen says it was a year of 
radical cutbacks in the group’s 
UK businesses together with 
limited overseas expansion from 
the acquisition of Colortran's 
substantially overseas operations 
for the last quarter of the year. 

High inflation, low demand 
and high interest rates created 
a climate where substantial 
Tedimdimffes, factory closures 
and reorganisations were the 
main tasks for management 
throughout the year, he says. 
The cost of these reorganisations 


amounted to £1.3m after limited 
tax relief. 

The directors are confident 
that the group's manpower levels 


are appropriate to current 
les. They do not plan any 


M. F. North’s plunge 


A SUBSTANTIAL fall from 
£454,761 to £84.369 in pre-tax 
profits is reported by M. F. 
North, hotel proprietor, for 1981. 
There was a loss at halfway of 
£112.600 compared with profits 
of £16,400. At the time of ihq 
interim figures, the chairman 
said the results reflected a drop 
in demand in hotel accommoda- 
tion. He said there was little 


Baldwin dispute with parent 


A ROW broke out yesterday 
between the board sod Min ori t y 
shareholders of Ncfttmghamshire 
concrete and clay products manu- 
facturer H. J. Baldwin and Ox, 
and its parent company. Hartley 
Baird. 

The row erupted at a meeting 
to consider the group’s annual 
report for the year ended April 
30 1981. The meeting had been 
delayed because of a dispute over 
directorship of the company. 

Hartley Baird has claimed that 
at a Baldwin board meeting in 
April last year it had beeo able 
to co-opt three of its nominees 
on to the board. This meeting 
was later ruled invalid because 
one Baldwin director had not 
been given prior notice. 

A dispute arose which con- 
tinued until the three '‘directors” 
resigned in November last year. 
The row delayed preparation of 
the accounts. 

At yesterday’s meeting Hartley 
Baird, which controls 63.3 per 
cent of Baldwin shares, used its 
voting strength against accept- 
ance of the annual accounts 
which was overwhelming 


a cc e pted on a show of hands of 
minority shareholders a tten d i n g 
the meeting. A ' poll was 
demanded by Mr Robin Potts, 
representing Hartley Bahaa 

Hartley Baird also proposed 
two special resolutions calling 
for the retirement of Baldwin’s 
directors by rotation and that the 
share value they most have to 
hold office be increased from 
£100 to £1,500. The other called 
for the election of four new 
Hartley Baird nominated direc- 
tors. 

Both resolutions were carried 
by proxy votes, but defeated on 
a show of hands and Mr Potts 
called for a poll in both instances. 

Baldwin director Mr C. D. Mee 
said the resolutions “are part of 
the campaign of vilification and 
war of attrition being waged on 
Baldwins by Hartley Baird.” 

The four now directors pro- 
posed by Hartley Baird were 
Miss K. H. Parkes, Hartley 
Baird's company Secretary who 
was said to have “stirred up 
resentment “ among Baldwin’s 
staff on a visit there last year; 


Mr D. Landau, a former Bald- 
win's chairman who resigned 
after felling to carry a vote of 
c'.njdcrr’ fo himself; Mr J. 
Stone and Mr Parkes (no 
rehtier.*. 

Only Mr Stone attended the 
meeting and braved hostile 
questioning from shareholders 
demanding to know his past 
history. He claimed to have 
wide experience of selling and 
marketing, in the , building 
industry. 

The Baldwin board proposed 
the resolution calling for the 
immediate re-election of com- 
pany chairman Mr R. Rodwell. 
His retirement may be brought 
about by the Hartley Baird 
resolution calling for the retire- 
ment of directors by rotation. 

Mr Rodwell did not attend the 
meeting aod Mr Potts said that 
Hartley Baird would only use 
its vote to support bis re-election 
iF three of the current board 
members resigned. 

Mr Potts said that. Hartley 
Baird had no representation on 
the Baldwin board. 


sign of improvement in the near 
future. 

Turnover was down . from 
£4.17m to £3 71m, and trading 
profits were- lower at £114.142 
(£419.259). Interest look £29,773 
(£35,502 receivable), and there 
was a tax charge of £55,620 com- 
pared with £116,418. leaving 
£28.749 (£338,343). An extra- 
ordinary credit of £96.214 (£6.329 
debit) boosted the net profit 
figure to £124.963 (£332.014). . 

The final dividend is unchanged 
at 0.675p net for a same-again 
total of 0.8p. Dividends absorb 
£221.000 (same), leaving a deficit 
of £192,251 (£105.343 surplus) 

In deciding to recommend .an 
unchanged dividend, the direc- 
tors hrre regard to the improved 
prospects for 7982. and the sob- 
str~Ma] revenue reserves 

Stated earnings per 10p share 
were O.OSp (127p). .On a r»V 
basis, there was a pre-tax loss 
of £69.631 (£311.761 nrofit). and 
a loss of- 0.5Sp (0.7p earnings) 
per share. 


volumes. 

major reorganisations for 1982, 
and the adverse on liquidity and 
gearing has therefore been 
halted, Mr Allen says.- 

Electronics and sound reproduc- 
tion activities are expected to 
continue to be profitable, but 
the plastics activity is still 
running at a volume slightly 
below profitability, so major 
efforts are being made to obtain 
the additional profitable orders. 

Eighty-five • per cent owned 
Colortron Inc. has entered into 
a conditional contract fo: the 
sale and lease-back of its free- 
hold factory in Burbank, Cali- 
fornia. After deduction of all 
expenses, the proceeds are 
expected to be some 62.9m 
(EL 65m); 

The lease-back is for 10 years 
at an intial yearly rental- of 
8380.000 (£217.000). with fixed 
annual increases. 

Taxable losses were struck 
after central overheads of 
£386,000 (£343.000, all compara- 
tives restated for 1980) and 
interest charges- of £1.36m 
(£l.llm).’ Tax took £380,000 
t £628.000 > and after minority 
interests of £12,000 (£113,00?) 


and extraordinary debits of 
£1.36m (£622,000) the attribu- 
table losses emerged at £2.44r. 
(£456,000 profits). " Dividends 
absorb £249.000 (£431,000). 


comment 


The shares in Forward Tech- 
nology took heart from the pre- 
liminary announcement, spring- 
ing from their 25p par value to 
38p, lOlp below their 1981-52 
high. The company is very 
heavily geared— group trading -. 
profit covered less than half the 
interest charge for 1981— and • 
two of its Tour divisions (plastics - 
and graphics) have been trading - 
at a loss. The 13p of good news i 
■ was presumably contained in the:, 
statement that staff cuts and - 
other reorganisation -measures 
have now been completed and 
profitable trading is expected hi 
the current half;- Plastics has -- 
been~ more or less sorted out, < 
and graphics cut down to a much 
less significant scale, though stiff 
loss-making. Electronics. . and 
sound .equipment -have remained 
.profitable, and are considered 
the basis of Forward’s business. 
Much-needed cash is being wrung 
from property— mainly via the 
sale and leaseback of a factory' 
in California: other assets which 
Forward would like to sell may 
prove less eas* to liquefy. After 
a token final the historic yield 
is UJ per cent - ■ 



From 

16 April 1982 
the Lombard 
14 Days Notice 
Deposit Rate 
will be 



per annum 


Lombard North Central PLC. 
17 Bmrton St. London W A 3DH. 

For details phrnie 01-409 3404 


M. J. H. Nightingale & Co. Limited 


27/28 Lovat Lane London EC3R 8EB 


Telephone Oi -621 1212 


1981-82 
Hlflh Low 
130 100 
-73 - 62 
51 -33 
205 187 
107 100 


104. 

131 

83 

78 

102 


61 

97 

39 

48 

93 


1C9 100 
113 M 


r»o 

334 240 
€4 51 

222 159 


15 

80 

44 

103 


10 

66 

25 

73 


283 212 


■ Company ■ 

Asa. Bril. Old. CULS... 

Airsprurtg - 

Armiiage &. Rhodes ..... 

Bardon Hll|_ 

CCL 11 pc Cenv. Prof... 
Deborah Services .. 

Frank Horaell '. 

Frederick Parker 

George stair 

Ind. Precision Castings 

Isis Cenv. Prei 

Jackson Group .. .. 
.•ones B'l-mirh . 

Robert Jenkins 

Scrurions . "A" 

Torday & Carlisle ... . 

Twin lock Ord 

Twin lack T5oc ULS 

Uniioclt Holding* ... .. 

Walter Alexander 

w. S. Yearns 


P* - • , 
Grose Yisld Fully. { 
ftice Chans* dlv.(p) % Actual taxed . • 
728 . — IttO 7.8 — I 

13- — - 4.7 6.« .17.6 .16.0;: ! 

44 — 4.3 »JB .3.7 8^ 

1«, .— . §,7 43 93.11.7... 

106 — - 15.7 143 — — - 

81 — B.Q 9.8 33 5,7 - 

.125 — 6.4 5.1 113 23.1, 

78 — 63 3.4 . 33 7.4 : 

96 — 7.3 7.6. .6.9 10.4 : 

108 — 15.7 14.5 . — 1 — 

97 ■ — 7.0 7J 3.1 19 

114. — 8.7 7.6 8.3 105 

240 — 313 13.0 3.3 8.5 

63 — 5.3 8.4 9.7 9.0 ' 

159 — 10.7 6.7 5.1 9.5 - 

13i» — — - -. 

80 — 15.0 18.8 — 

25 — 3.0 12.0 4.5 7.6 . 

79 — 8.4 8.1 5.2 9-2 

230 — 14.5 -6.3 8.0 12.0 


Prices now eve, table on Praatel page 48146. 


LADBROKE INDEX 

Close 543-548 ( —9) 


THE TRING HALL 
•USM INDEX 
117.6 c-Stf*)., 
dose of ; business 15/4/62 
BASE DATE 10/11/80 100 
- Tel: 01-638 1591 : 



Pre-tax profits up 
18%to£7.35m. 


Satisfactory level 
of overseas 
operations: trading 
profit up 11% to 
£4.21 m. 


U.K. Order 
intake showed slight 
improvement in 
second half year 


AFRICA, ASIA AND 
AUSTRALIA. Further 
sales and profit 
growth 


EUROPE. Management 
effort produces 
reasonable results 
despite weakening 
economies. 


Group ready to profit 
further from any 
improvement in trading 
conditions worldwide 



1 

t 


1 .>**?: 



AMERICAS . Profitable 
trade despite severe > 
recession 




■Y^rr 





fc!rs: 


. •/s-T thV’ 








vFiiuuKidi ,'i.iiies .‘ v ; ii iG Lc ti- 


21 


CuiqiaAfes 

aad; Markets 


MINING NEWS 


BIDS AND DEALS 




revenue 
fall in RT Z earnings 


UT KENNETH KAR5TON, MINING «HTOR 


THANKS '. - TO the ■ strong 
performiriiee of the "U.S. RTZ 
Borax. " the UK-based . inters 
national Rib. Tinto-Zinc Corpora- 
tion international raining and 
industrial group has weathered 
19S1 reasonably well-' 
la line -with the official fore- 
cast made in February this 
year, net attributable profits for 
1981 come out at f 1025m, or 
40.4Sp per share, against £l5S.4ra-. 
hi 1980 and the dividend total is 
maintained at I6p with a final 
now declared of 10.5p. 

- E».. 

1981 .-.1990 

Sates ravimH — : 3.020 T7 2,795.8 

Operating profit. V 

Shore of moc. cos. 

Div. and irtv receive bis 

Interest payable 

Profit before tax ..:... 348:1 S07.0 


Tax 


Profit after tax'- 173.8 3903 

OuKHdti (raiders . 71.3 .. 1343 

Attrib.. before ;. sxtra- 
ordlnary trams' ' 102 3 155 4 


Earnings per sham ... 

40.«p 

B1.56p 

Extraordinary items ... 
Profit alter -anreord. 

83.9 

11.1 

name l ;. 

Dividends: 

188.2 

168.5 

Preference 

0.4 

0.4 

Interim 5 5p (5 5p) 

13.5 

. 13.4 

Final 10.5 p <-i05p) 

25.8 

. 25.7 


Retained 


In addition, there. is an extra- 
ordinary profit of £83 .Dm, reflect- 
ing net exchange gains on prior 
years’’ profits retained in over-" 
seas subsidiaries and associates. 

The record earnings of Borax 
went some way towards off- 
setting the sharp .decline in 
profits from the. Australian CRA 
and from KTZ’s various copper 
operations. Borax contributed 

about half the .group’s attribut- 
able profits. But because of the 
depressed metal price copper, 
which used to be a major earner, 
contributed, less than uranium, 
coal and almuinium. 

. While copper prices, in. real 
terms, are at their lowest since 
the 1950s, at least RTZ can claim 
that it is still making a profit 
from the metal, which is more 
than most other copper . pro- 
ducers can say. It is worth, 
bearing in mind that a rise of 
about £10 per tonne in the 
copper price equals a rise of 
some £lm in RTZ's earnings. 

Bossing Uranium's contribu- 
tion of some £21.4m .was little 
changed from 1980 as were those 
746.5 127.0 of the other activities which 


-3*9.9' • 477.3 
30.5 . *9-3 


74 8 
107.1 


55.8 

75.4 


174.5 216.7 


include RTZ Industries with a 
profit of £21.6m. But the UK 
aluminium operations went into 
the red. Group sales revenue 
rose to £3.02bn, the improve- 
ment being entirely a reflection 
of the fall in the value of 
sterling. - 

RTZ has now acquired 97 per 
cent of Thomas W. Ward and 92 
per cent of Tunnel Holdings. 
The RTZ chairman. Sir Anthony 
Take, said yesterday that these 
acquisitions represented the end 
of the group's territorial ambi- 
tions in the UK cement industry 
for the moment 

As far as the current year is 
concerned. he thought it 
unreasonable to expert Borax — 
its product has a wide range of 
uses from detergents to fire 
retardants — to repeat last year's 
strong performance and that .the 
group’s overall prospects would 
depend on improved metal 
prices and a reduction in Interest 
rates. He saw grounds for still 
hoping that an economic upturn 
would materialise in the latter 
part of this year. 

See Lex 


Hemerdon option deal agreed 


Bermuda-registered Hemerdon 
Mining and Smelting can expect, 
in due course, a cash distribu- 
tion of the net proceeds of the 
company’s proposed sale for 
$l5m (£8. 53 m) of its half ' share 
in the. Hemerdon. Ball tungsten 
and tin project in Devon to the 


Royal Dutch Shell group’s 
Billiton (UK). 

Announcing the formal com- 
pletion of the agreement under 
which Billiton is to take' an 
option on Hamerdon’s stake in 
the project, the Hemerdon 
Mining chairman. Mr Carl “Bud” 


1 



■ ■ r 






I LONDON 

TRADED 

OPTIONS 


1 April 16, 

Total Contract* 1154 

Calls 815 Puts 

539 


1 


April . 

July 


; oet. 

1 '• 

1 ; "sartssp 

Vol. 

Closing, 
offer ' 

Vol. 

Closing- 
. offer 

Vol. 

Equity 

Close 

■BP tC ’ ’ 

:880 

. 11 , 

' 

. ae 

3 

32 ' 

2 

284p 

BP ic 

300 

4 

1 

14 

— 

l 30 . 

— 

' IT 

BP -P' 

*330 

48 

2 

48 

— 

■ 54 

— 

1 ! 

CU >ci 

130 

7 

— ’ 

14 

. 2 

1 ie 

— 

134p 

CU ioj 

-140 

2 

— 

» 

•uu 

14 

__ — 


Cons. Gld i o> 

390 

12 

a 

28 ■ 


‘ 45 i 

— 

394p* ' 

Cons. F)d i C i 

420 

5 

5 

■ 16 

— 

23 ! 



Coni. Wd ipi 

390 

14 

* — 

. - 27 • 

3 

55 ! 

— 

1 " 

Ctlds. ,01 

50 

35 

10 

- 39 

— 

— 


. 83p 

Cllds. c 

70 

15 


• 20 : 

5 

22 

— 


ctlds. -ci 

80 


30 

18 

— 

■ 15 

— 


GEC ici 

■ BOO 

. 42 

• — ’ 

-. 48 

5 

65 

— 

792p . 

GEC -ci 

850 

9 

4 

18 J 

’ 

57' ] 

— 

GEC ipi • 

.750 

a 

44 

14 : 

— 


— 


GEC .'pi . 

■ 800 

15 

15 

i 30 : 

1 

, 45 ■ 

. 


GEC -p> 

Gr'Ct Met. 101 - 

850 

60 

28 

• 70 ' 

— 

■ 77 ■' 

4 


160 

41 

9 

i 48-! 

__ 

' — 

. — 

lBflp 

fir'd MeL -or 

180 

82 

a 

31 

— 

36 

2 


Gr'd MeLiei- 

200 

6 

17 

16 , 

10 

22 

2 


Gr'd Mat. ipv 

200 

.7 

16 

. 14 ’ 

17. 

30 r 




Gr'd Met. tp» 

220 

aa 

* 10 

36 

9 

39 

1 

* 

Id ICI 

300 

■ 16 - 


. -28 •• 

• 5 

40 - 

1 

310p 

ICI >ci . 

330 

••• 4 

45 

14 

— 

•■ ■ .94 - 

— 


ICI ici 

7 360 

. : 1 ■ 



• 7 : 

20 

14. . 




ICI ipi 

300 

-5. 

11 

1 11' 1 

3 

; is • 




ICI ip- 

330 

20 . 

77 

.- "86 • 

3 

• 30 



Land Sac, W 

980 

5 

— 

• 19 . •' 

13 

J 87 

•*- 

279p 

Land Sac. iq- 

300 

-- 1 ■ 

• a..- 

.- 11 •' 

XU 

...IB 

12 

99. 

Mia asp. .or 

’. 130 : 

15 -i 

'i,- 

• 80 • 

2 

- 88 • 

3 

,144p 

Mks ft finite* 

140 ; 

8 

• 

. 14 

b 

20 . 

— 


MtaA Sp. ftf- 
Shan :ei 

160. 

' 380.- 

96 ■ 


6.. • 

’ ' 59 • 

a 

a *■ 

10 , 

48 . 


l 3B2p ' 

Shall -ci 

3 SO . 

a 

45 

■ ■ 23 -- 

63 

89 



Shell ic< 

490 ! 

3 

— • 

10 

1 

— 

— 


Shell <p> 

360 | 

5 

— 

14 

4 

: 82 



Shall ip) - 

390 • 

16 

— 

: 24 • 

89 

: 52 

9 

1 •■» 



■ • May 

August - 

- Hewamber 


Barclay* ioi > 

500 • 

8 

— 

7 ■ 

5- 

. 17 

— 

438p 


70 

S41, 


27 . 

4 

r ' *— • 

— 

• 93p 

imperial to' 

80 1 

141*. 

15 

• 18 •- 

187 

.• l* 1 * 

“ 


imperial re- : 

so ■ 

. 6 • ■ 

S5 

12 • 

32 

• -131* 

— 



TOO 

. . 2 

38 

, 61*. 

58 

8 

.9 


imperial ipi : 
Lasnto -ci 

90 
500 ' 

39 

5 

4 i 

80 

8 

r . 6 

• 55 ' 


> 382p' 

Uime id 

330 

17 

l 

30 

— 

44 

— 

u - 


BO 

10 

’ ' — 

•11 ) 

6 

■ ■ 12 : 

' — ' 


p * a ic: 

120 

11 

• i 

» i z • 

— 

23 


126 P 


480 

2 - 

-- 

' 10 

8 

— 

— 

373p 


360 

. 10 

12 

17 

— 

83 . 

- 



390 

89 

— 

. ‘38 ' 

— 

: 35 ■ 

10 


RTZ 

490 : 

18 

30 

30 

1 

42 

— 

41Bp 


460 

6 

1 

17 

— 

97 

— 


RTZ ip) 

460 

• 46 

9 

50 

— 

65 : 

— 


Van) Rfa. -e* 

48 

5I S . 

— 

7 , 

2 

71? 

— 

.349 

Vail Sfa. id 

.50 • 

Zh 

3 

3S« 


4V 

— 

VV 

Vaal Rfa. >e> . 

58 

1 

— 

IV 

9 

au 

— 

M 

C= 

Call 

- • • 



. P=PUt 




Schwarzwaider, pointed out. that 
the' major condition -to be met 
before Billiton exercises its 
option will be the granting of 
planning consent for the pro- 
posed mine at Hemerdon Ball. 

- It is possible that the neces- 
sary permission could be granted 
during the first half of next 
year. However a “ substantial " 
period could elapse before the 
-.option is exercised and the sub- 
sequent distribution made to 
Hemerdon Mining shareholders. 

It is thought that, if all goes 
■well, the repayment could be 
made around 1984-85. However, 
the $15m involved is subject to 
inflation-proofing in line with 
The U.S. consumer price Index 
and the actual amount to he. paid 
will thus depend on U.5. inflation 
rates. 

Various charges will have to 
be met by Hemerdon Mining 
but the bulk of the S15m basic 
payment will be distributable. 
At current exchange rates this 
equals about 155p per share 
compared with the present 
market price of around 55p. 

Meanwhile the Hemerdon Ball 
project in which the other 
partner is America’s Amax is 
still not expected to reach the 
production stage until before 
about 19S5 or 1986. By that time 
it is hoped that the tungsten 
market will have recovered for 
the venture which is likely to 
exceed its previously reported 
cost of £44m. 

TCL to onen 
big colliery 

SOUTH. AFRICA’S Transvaal 
Consolidated Land and Explora- 
tion is . lo establish a R352m 
(flfiOm) underground coal mine 
to the south of Amersfoon in 
the south-eastern Transvaal. It 
will have a full annual produc- 
tion capacity of about Tim 
tonnes in 1994. 

This follows the granting to 
TCL of a contract to supply coal 
to a new 3600 megawatt power 
station to be constructed by the 
South African electricity supply 
commission. First deliveries of 
coa] to the station are scheduled 
for 1988. 


Lonrho defends plan 
to increase borrowings 


Mothercare ties 
cut by Zilkha 


Lonrho, the multi-national trad- 
ing company, whose plan to in- 
crease its borrowing limits to 
£1.5bn has been attacked by 
one of its largest shareholders, 
yesterday defended its decision- 
In a circular to shareholders. 

Lonrho says the increased bor- 
rowing limit is “wholly appro- 
priate for a large modern inter- 
national trading group and is 
necessary to allow for future ex- 
pansion of existing opportunities 
and ' development of new 
business.” 

Gulf Fisheries, the Kuwaiti- 
controlled investment group 
which owns about 15 per cent of 
Lonrho shares, said at the 
Lonrho annual meeting that it 
intended voting against the in- 
crease. The poll to decide will 
be held on April 30. 

The circular says that a 
significant part of the group's 


activities is trading whh* entails 
holding substantial slocks for 
resale financed . by acceptance 
credits or other short term 
borrowings. 

VAG (United Kingdom), which 
imports and distributes Volks- 
wagen and Audi motor cars lzt 
the UK for example could find 
its requirement for short term 
financing increasing dramatically 
as a result of minor growth In 
overall market share and cost 
inflation. 

Lonrho says it is vitally 
important for it to be able to 
operate hi ratenratronsl trading 
and become capable of rivalling 
the-- world’s largest trading 
houses. 

It says its acquisition in 1981 
of a 50 per cent -shareholding in 
Kuhne and Nagel, cargo, ware- 
housing and forwarding busi- 


ness. gives an opportunity for 
expansion. 

The circular argues that it is 
important "that its .ability to 
operate in this area and eater for 
the expansion which arises 
through the new connections is 
not impaired by a borrowing 
limit which is. Likely soon to 
become restrictive.” 

The diversification of. the 
group's activities outside Africa 
over the four years since Septem- 
ber 1977 has been principally by 
acquisitions the group says. The 
benefit arising from such diversi- 
fication has not been reflected in 
the accounts hr such a short 
period. 

The board “is confident that 
the new acquisitions will be of 
great benefit to tbe group in the 
long term.” 

See Lex 


Blue Circle moves into the U.S. 


Blue Circle ■ Industries, tbe 
UK’s largest cement manu- 
facturer, has acquired through 
Its wholly-owned subsidiary 
Annitage Shanks-KiJgore. a 
Texas- based ceramic sanitary- 
ware company. Kilgore Ceramics 
Corporation. The deal is BCI’s 
first move to set up operations 
in the United States. 

Annitage Shanks has offered 
S106.50 per share for Kilgore's 
entire issued capital and so far 
has received acceptances from 


holders of more than 80 per cent 
of the stock. The total cost of 
tbe purchase of all the equity 
would 'be about S12.5m (£7 .06m 
at current rates of exchange), 
payable in cash. Kilgore 
Ceramics is a privately-owned 
company. 

The Kilgore Ceramics Corpora- 
tion operates a plant with about 
a third of the total Armitage 
Shanks* UK ceramic production. 
Kilgore's turnover in the year 
ended December 31 1981 was 
approximately S20m with pre-tax 


Aberdeen Land acquiring 
General Trust & Heritage 


The City Aberdeen Land 
Association tCALA) is making a 
recommended offer to acquire 
General Trnst and Herilage 
(GTHl far about £361,000 in 
cash with a share alternative. 
Terms are: for each GTH 
ordinary. £14 cash; for each 
deferred. £3 each; for preference, 
£2.10 cash. Alternatively, share- 
holders who accept all, or any 
one of the offers, by May 17 
may elect lo receive ordinary 
shares in CALA valued at 485p 
per share. The cash will be 
made available from the bidder's 


existing banking facilities. 

Irrevocable undertakings .have 
been received from, certain 
shareholders and all the 
directors of GTH to accept the 
offers in respect of 6,283 
ordinary. 32,750 deferred shares 
and 7,976 preference shares — 
approxifately 51.16 per cent of 
the voting rights. 

Pre-tax progts of GTH for the 
year to May 28 1981 totalled 
£24,1S2. Shareholders' capital 
and reserves at the date were 
£190.301. A property valuation 
in Janupary indicated a surplus 
over hook value of £221,384. 


SHARE STAKES 


Muirhead — Sir Raymond 
Brown, director, purchased 
100.000 ordinary shares on April 
8 at llSp, making holding 564.375 
(6.7 per cent). ■ 

5. W. Fanner Group— Brian D.‘ 
Farmer, chairman, has sold 2o,000 
ordinary shares. 

London Shop Property Trust— 
Rosehaugh acquired 321.777 
ordinary shares on April 6 and 
is interested in 3.036.231- 
Merchants Trust— Following a 
recent purchase of ordinary stock 
units Standard Life Assurance 
holding is 3,659.000 units (7J2 per 
cent). 

Continental and industrial 
Trust — Standard Life Assurance 
Holding is 986,180 ordinary 
shares (5.8 per cent). 

Dewhuist Dent — Anglo African 


Finance on April 8 bought 25,000 
ordinary shares at 8p making 
holding 46.69 per cent. 

■ British Printing and Com- 
munication— On April 6 Robert 
Maxwell, chairman, purchased 
110,-000' shares. 

Henry Ansbacher Holdings — 
J. M. Button, director, has pur- 
chased a further 33,500 new 
ordinary shares. These are in 
addition to his present holding 
of 35,000 ordinary and the 31.500 
new ordinary allotted to him 
under the rights issue. 

Gill and Duffus Group— M. D. 
Martin, director, has sold 20.646 
ordinary units at 138p. Total 
interest as amended is beneficial 
328,812 and n on-beneficial 133.238 
shares. 


profits of ‘ 82.2m. Armitage 
Shanks says it intends to run 
the plant under existing manage- 
ment 

It believes that its acquisition 
is strategically placed to. serve 
the housing markets in the sun- 
belt states. Annitage Shanks has 
recently expanded its South 
African plant at Olifantsfontein. 
near Johannesburg and says it is 
looking at further opportunities 
to expand activities in other 
areas of the world where it is 
not already established. 

Oil & Gas 
income above 
projection 

Net income of Guernsey-based 
Oil and Gas Production, launched 
on January- 8 1981, amounted to 
USSl.SSin (£l.04m at current 
rates) for the period from that 
dale to December 31 1981. and 
compares with a projection of 
SI. 33 m. 

Earnings per fully paid share 
are shown as 7.S7 cents, against 
0.787 cents per partly paid share, 
and gross dividends total 7.5 
cents fully paid (0.75 cents 
partly paid) with a 4.5 cents 
(0.45 cents) final, payable May 
17. 

The directors say they will 
continue to seek to balance tbe 
company’s investment portfolio 
and it remains their policy to 
acquire oil producing, as well as 
gas producing, properties. 

Oil and Gas currently bas 
Interests in 325 natural gas wells 
with attributable reserves of 
22,752.000 MCF at a book value 
of 816.6ra. 

After payment of the final 
dividend, the company will have 
some S5m available for further 
ecquisitions of producing 
properties, directors state: 

For the period- to December 31 
last, income from property 
investment was 8567.000. net 
interest receivable amounted to 
$1.4Sm, general overheads came 
to 8216.000 leaving a pre-tax 
income of 51.83 m. After 
dividends the retained .balance 
was 885,000. 


MR SELIM ZILKHA has cut 
almost all his lies with the 
Mothercare retailing group after 
tbe merger earlier this year with 
Habitat. He has realised just 
over £9m in' the process and has 
achieved a better price than 
other members of his family 
and the family foundations which 
sold out in mid-January. 

Stockbrokers L. Messel placed 
Mr ZUkha’s entire holding of 
3.6m ordinary shares at 131 lip 
per share and' ail but £1.5m of 
his £5.7m stake in the 91 per 
cent convertible loan stock. 

Earlier this year.. Mr Zilkha’s 
brother. Ezra, and the family 
foundoliun. sold a block of l.TSm 
shares with about 20 institutions 
at 112p per share and £2.7m 
nominal of loan stoek at 87 p. 

Mr Selim Zilkha, who is now 
resident in the U.S., has had lo 
-wait until -Habitat's interim 
results' were published at the 
end of last month before selling 
his residual equity bolding. 
Habitat Mothercare has seen its 
shares recover from depressed 
levels at the beginning of the 
year. The shares, coming out 
from the investing institutions, 
which underwrote Habitat's 
equity offer for Mothercare at 


l25p per share, seem to have 
been absorbed comfortably. 

The shares closed at 134p. 
down 2p yesterday and the 
brokers are understood to have 
completed the placing with some 
ease. 

BROKERS MERGE 
Ni INTERESTS 

Stewart WrighLsoo and Jardine 
Maiheson Insurance Brokers (In- * 
ternational ) have agreed to 
merge their insurance broking , 
operations in New Zealand. A 
new company, lo be' named 
Jardine Wrightson N.Z.. will be ■ 
formed in which Stewart Wright- 
son and Jardines each will have 
a 50 per cent interest. 

This company will be the 
second largest insurance broker 
in New Zealand with 19S2 broker- 
age estimated at NZSSm (approxi- 
mately £1.3iu'l. 

While Stewart Wrightson and 
Jardines see significant advan- > 
lages in combining their organi- . 
sations in New Zealand, they do • 
not anticipate that it will lead to 
any other joint venture else- 
where. 


MOUMS (lobsrca arvd packaging 
machiTiBry) — Rasuls for 1981 w-th pros- 
pers repo tied 4cr-l 1. Ordinary share- 
holders' funds £ES.8m (£64 72m). 
Loi.-s £1 1.27m (CIO. 11m} Ne: current 
assets C47J9m (GU.56tn). indudmg 
cash, less shon :erm borrowings. 


E3.lm f£0.23m). Fixed assets £24. 89m 
(£33. 02m). Csoul comm-rments 
E*.77«n (tn.47m}. BAT industries holds 
29 99 per cent of equity Meeting. 
The Pla-steier, Halt, EC, May 4, 
12.15 ora, 

CANADIAN AND FOREIGN INVEST- 


MENT TRUST— At March 31 1982. net 
asset value per ordinary share, 193 6p 
alter prior charges at par. and 197.4a 
after charges, at market value. . 

DANAE INVESTMENT ■ TRUST— Nat 
asset value per income’ share as ec 
March 31. 1982. was 35.5Jp. 


I EUROPEAN 

OPTIONS EXCHANGE 1 

1 

1 

May 


Aug. 


Nov. 

| Series 

Vol. 

Last 

Vol. 

Last 

Vol. 

Last Stock 

GOLD C 

S525 

T 

45 

8 

56 


- M63.75 

GOLD C 

S3 50 

16 

22 

1 

43 

— 

II 

GOLD C 

5375. 

26 

11 B 

37 

27.50 

4 

43 A „ 

GOLD C 

S40D 

76 

6.40 A 

bl 

18 

12 

28 „ 

GOLD C 

S425 

5 

2.50 A 

SO 

18.50 


— 

GOLD C 

S450 

IB 

1.40 

— 

. 



— 

COLD P 

S526 

IO 

6 A 

23 

1 10 

2 

13 A 

GOLD P 

S360 

2 

15 

23 

• 18.50 

8 

20 

GOLD P 

S575 

1 

20 

3 

27 

1 

32 „ 

GOLD P 

MOO 

— 

— 1 

6 

>36.10 , 

— 

” 1 IP 

1 12*4 ML 81 87-91 







fi C 

F. 107 .50 

_ 

_ • 

25 

5.30 A 

_ 

- F .112.80 


F.110 

— 

— 

162 

3 

— 

— 

1 P 

F.l 12.05 

10 

1 

— 

— 

2 

, 2-10 A „ 

1 10*4 NL 87 86 SB 







c 

F.100 

3 

5.30 • 

— 

— 

— 

: - F.ioa.so 

1 10ij NL 80 86-B5 







C 

FD7.50 

__ 



10 

- 5.60 



— F. 103. 10 

C 

F.100 

5 

3.30 

75 

3.70 

— 


c 

F. 102.50 

— 

— 

200 

1.10 

— 


c 

F.105 

— 

_ 

— 

— 

100 

1 ; » 

1 11 14 NL 82 88-92 







C 

F. 102.50 

95 

1.60 - 

55 

2.20 ' 



- F. 103.80 

C 

F.l 07.50 

— 

— 

_ 



5 

0.80 , „ 

P 

F. 102 .50 

— 

— ; 

— 

— . 

30 

, 1 : » 



April 

July 


Oct. 

ABN C 

F.280 

34 

12 


1 


- F^92 

AKZO C 

F.25 

43 

4.80 

— 

' — . 

— 

- FJ9.60 

AKZO C 

FJ7.50 

125 

2.30 

20 

2.90 ■ 

— 


AKZO C 

F.30 

69 

0.20 

310 

1.30 

58 

2 ; " 

AKZO C 

F.32.50 

— 

_ 

100 

0.70 

lib 

1^0 ' „ 

AKZO P 

F.27.50 

— 

— 

84 

0.70 

— - 


AKZO P 

F.30 

— 

— 

71 

2.20 

— 


AKZO P 

F^2.50 

— 

— 

— 

— 

30 

4.50 : „ 

KODA C 

S70 

50 

31, 

50 

618 

— 


HEIN C 

F.5Q 

50 

5 

— 


— 

- F .54.50 

HEIN C 

F.55 

51 

0.10 

— 

— 

30 

2.50 

HEIN P 

F.50 

— 

— 

— 

— 

30 

1.60 „ 

HOOG C 

F.15 

44 

2.60 

— 

_ 

_ 

- F.17.30 

HOOG C 

F. 17.50 

— 

— 

— 

• — , 

40 

1.80 

IBM C 

S50 

20 

13i« 

— 



_ 

— 5631* 

IBM C 

S55 

40 

9 ■ 

— 

1 

■ — 


IBM C 

560 

66 

4 

— 

— 

— 


IBM C 

S65 

— 


— 

— 

40 

3% „ 

IBM P 

S60 

— 

— 

— 

— 

40 


KLM C 

F.100 

102 

6.80 

— 

. 

— 

- F. 106.50 

KLM C 

F.l ID 

78 

0.10 

93 

6.80 

— 


KLM C 

F.120 

— 

— 

158 

3.90 

— 


KLM P 

F.100 

41 

0.10 

12S 

3.70 



KLM P 

F.l 10 

1BO 

3.20 

17 

7.60 

— 


KLM P 

F.120 

20 

.14 

— 

— 

— 


NEDL C 

F.120 

— 

— 

102 

6.20 

— 

- F.123 

NEDL C 

F.130 

— 

— 

259 

2.30 

— 


NEDL C 

F.140 

— 

— 

115 

1.40 

— 


NEDL P 

F.120 

42 

0.40 

— 

— 

— 


NEDL P 

F.1S0 

56 

6B 

18 

17 

— 

If 

NATN C 

F.110 

17 

2.20 8 

■ 




- F.l 11.30 

NATN P 

F.110 

20 

D.30 

— 

— 

— 

— f 

PHIL C 

F.20 

96 

4.80 

44 

5 

— 

- F^4.B0 

PHIL C 

F.22.50 

537 

2.30 

82 

2.40 

233 

3.10 

PHIL C 

F.25 

799 

0.10 

240 

1 

107 

1.60 A „ 

PHIL P 

F.22.50 

— 

— 

— 

— 

37 

0.80 

PHIL P 

F.25 

22 

0.40 

36 

1.40 

— 

— „ 

RD G 

F.80 

285 

10.30 

38 

10.40 B 


- - F.90. 10 

RD C 

F.90 

365 

0.40 

113 

2.90 

183 

♦ 

RD C 

F.100 

— 

— 

22 

0.90 

— 


RD C 

F.80, 

— 

. . 

46 

1.30 

— 

— 

RD P 

F.BO 

36 

0. 50 

44 

5.70 

_ 

J . 

UNIL C 

F.150 

33 

4.60 


. 

— 

- F.l 54.80 

UNIL C 

F.160 

26 

5.50 

— 

— r 

— 


1 TOTAL VOLUME IN 

CONTRACTS: 

7,961 



1 

A = Asked 


0=Bid 


C=Call 


P=Put 



£12m 


In 1981, a year in which world recession 
proved to be deeper and longer- lasting than 
forecasters had predicted r few British companies 
managed to announce new record levels of profit 
But at J Bibby & Sons we proved, yet again, 
that diversification through selected 
areas, combined with controlled £o m 
expansion, is a recipe for 
success that is sound 
in even the most 




1975 


1980 


alien of financial climates. 

We achieved record profits — in fact, 
for the sixth successive year. 

Our sales crossed the £200 million mark 
for the first time — profits 
increased by 12.59% to £12d84m. 

We paid our shareholders 
more, raising the dividend total 
by 193%. Yet we still retained 
more than £7m towards our substantial spending 


Recession? 



programme to secure our future by improving 
the quality of the products and services we offer. 

And, because of our strong cash flow, we 
were able to keep borrowings to a minimum, 
and earn interest on short-term deposits. 

We spent more in 1981 - some £8m 
in all — and our new Industrial Services. 
Division was bom with the purchase of 


an 85% interest in Furmanite 
International. 

In 1982 the markets in which we 
operate will remain competitive, but 
we are confident that our progression 
will continue. We have never been in 
a stronger position to meet the challenges 
of the future. 

For your copy of the 1981 Reportand 
Accounts, Write to: The Secretary, 
JBibby&SonsPLC, 

Richmond House, . 

Rumford Place, 

Liverpool L39QQ-C^7/ 





22 


Financial Times Friday April 16 .1982 


Companies and Markets 


UK COMPANY NEWS 



Win. Morrison sharply higher 


SHARPLY ' HIGHER pre-tax 
profits of £7,5301, compared with 
are reported by Wm. 
Jionlson Supermarket; Car the 

ioo« m 5 Q . u,s eQded January 30, 
Sales rose from £l71.21m tp 
excluding VAT. 

. ^L'J ear tax tr| ok much more 
at £2.96m (£716,000) leaving the. 
net figure 12.6 per cent' down at 
-Anna t£5.26m). However, despite 
stated earnings per lbp share 
dipping from 11.39p to.9.96p the 
net total dividend is being effec- 
ts® 1 * increased from 1.2Bp to 
3-4p by a final of lp. ' 

The pre-tax profit' was after 
depreciation of £1.97m tEl.Slm) 
but included rent receivable of 
Lw 1,000 (£337.000) and interest 
and investment income of 
EM6.000 1 £453.000 debit). 

The distribution under the 
Croup's profits sharing scheme 
rose from £314,300 to £397,600. 

Current cost adjustments re- 
duce the pretax surplus to 
£7.47m i£5.59mi and on the same 


basis per share were 9.77p 
(10.57p). 

• comment 

Wm. Morrison's 26 per cent rise 
in pre-tax profits means a com- 
pound growth rate of 28 per cent 
over the last seven years. Last 
year the growth was mostly in 
the first half, with a volume 
increase of only 1 per cent in 
the second. The basic reason 
was simply that customers were 
H running out of brass,” particu- 
larly for discretionary spending. 
Costs were kept well in hand, 
aided by the company's exten- 
sive use of freehold property. 
The £819.000 tumround in invest- 
ment income was a help but 
planned store openings might 
make this a transient pleasure. 
The more than quadrupled tax 
bill was a result or the change 
in rules for stock appreciation, 
and Morrison reckons that a 40 
per cent tax rate will now be 
the norm. At 156p, down 6p. the 


shares yield a parsimonious 1} 
per.cent. The. p/e is about 20. 
perhaps a litije demanding in 
view of current difficulties in 
obtaining volume growth. 

General Scott, 
moves ahead 

For the year ended March 31 
1982 net revenue available for 
General Scottish Trust moved 
up from £602,288 to £531,502. 
The dividend is increased to 3.1p 
(2.9p) per share with a final of 
2.1p, from stated fully diluted, 
earnings of 3.213p (3.064p). 

Gross revenue came to £ 1.22m 
(£1.17m ). Interest payable took 
£151,318 (£120,173) and tax 

£330.849 (£344,655). 

At the year end net asset 
value per share was S1.3p 
(82_8p) xd. and after deducting 
prior charges at market value. 



a 



Anglo American 
Investment Trust Limited 


(incorporated in the Republic of South Africa) 


Preliminary Profit Announcement and Balance Sheet and 
Notice of Final Dividend on the Ordinary Shares 


Subjecc co final audit, the income statement for the year 
balance sheet at that date, are as follows: 

Income Statement 


income From associated company and other investments 
Interest earned 1 


ended March 31 19B2 and the 


Company and associated 
company 

1982 1981 

RflOQ ROM 

70 744 93 151 

1 597 495 


Administration and other expenses 


Profit before taxation 
Taxarion 


Profit after taxation. 
Preference dividends 


Profit attributable to ordinary shareholders before share of 

retained profit of associated company 

Share of rccained profit of associated company 


70217 

116460 


Profit attributable to ordinary shareholders 
Ordinary dividends: 

Interim No. 83 of 260 cents a share .. 
Final No. 84 of 440 cents a share 


91 895 
124 462 

~21fi 357 


Appropriations to reserves: 

Non-distributablo reserve ..... 
Genera! reserve 


116 677 


127 357 


Unappropriated profit, March 31 1981 
Unappropriated profit. March 31 1982 


E.imin*s per ordinary share: 

Excluding share of retained profit of associated company — 

cents .. 

Including share of retained profit of associated company — 

• cents 

Dividends per ordinary share — cents 

Balance Sheet 


Capital 

Non-discribu table reserve 
Distributable reserves 


Company and associated 
company 

1982 1981 

R000 ROOD 

10000 - 1QQ00 

367152 250 692 

79 298 79 081 


Represented by: 

Interest in associated company 

Listed— Market value R5I0 001 000 { 1981: R898 573 000) 

Investments 

Unlisted — Directors’ valuation R77 666 000 
t 1981: RIOS 666 000) 

Loan portion of taxation 


Current assets 

Debtors 

Holding company: 

Loans fixed and at call — Anglo American Corporation of South 

AFrica Limited 

Cash at bank 


Current liabilities 
Shareholders for dividend 
Creditors 




Net current assets 


Number of ordinary shares in issue 
Net asset value per share— cents ... 


10 000 000 
5 906 


10 000 000 
10G69 


Notes: 

1. The company's share of the annual retained profit of its only associated company, De Beers 
Consolidated Mines Limited, is transferred co non-distributabie reserve. 

2. It is expected that the forty-sixth annual report of the company in respect of the year 
ended March 31 1982 will be despatched to members on or about April 30 1982. 

Final Dividend 

A final dividend (No. 84) of 440 cents per ordinary share (1981: 630 cents), for the year 
ended March 31 1982, has been declared payable to shareholders registered in the books of the 
company at the close of business on May 14 1982. This dividend, together with the interim 
dividend of 260 cents a share declared on October 8 1 981, makes a total of 700 cents a share 
for the year ended March 3! 1982 (1981: 890 cents). 

The ordinary share transfer registers and registers of members will be dosed from May 17 
to 23 1982. both days inclusive, and warrants will be posted from che Johannesburg and 
United Kingdom offices of che traosfer secretaries on or about June 10 1982. Registered 
shareholders paid from the United Kingdom will receive the United Kingdom currency 
equivalent on May 17 1982 of the rand value of their dividends (less appropriate taxes). Any 
such shareholders may, however, elect to be paid in South African currency provided that any 
such request is received at -the offices of the company 'j transfer secretaries on or before May 
K 1982. 

The effective rate of non-residenc shareholders* tax is 14.9492 per cent. 

The dividend is payable subject co conditions which can be inspected at the head and 
London offices of the company and also at. the offices of the company's transfer secretaries, 
Consolidated Share Registrars Limited. 62 Marshall Street. Johannesburg 2001, and Charter 
Consolidated P.L.C., Charier House, Park Street, Ashford, Kent TN24 BEQ. 

By order of 'the Board 

ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LIMITED 

Secretaries 
per: W. Q. Nicol 
Divisional Secretary 


Head Office: 

44 M:sin Street 
Johannesburg 2001 
April 16 1932 


London Office: 
40-Holborn Viaduct’ 
London EC IP IAJ 


Feb Inti. 

profit 

upsurge 

HIGHER PROFITS 3nd dividend 
are announced by Feb Inter- 
national -for the year 198L From 
sales over £2m ahead at £ 16.43ra 
the profit before tax has risen - 
from £772,000 to £909.000. A 
Anal dividend of J 5p effectively 
lifts the total to 2fi5p.- against 

2p. 

The directors report that the 
opening weeks of the current 

year were ’affected by the severe 
weather, but they expect 19S2 to 
be another successful year at 
home and overseas. The group 
makes chemicals and acts as 
retail distributor of building 
materials. 

The profit for 1981 was struck 
after interest, £226,000 
(£222,0001, and depreciation of 
£279.000 (£228,000). Earnings 

are shown at 7.03p, against a 
restated 1.49p, or 6fi5p exclud- 
ing stock relief. 

Net tangible assets are equal 
to 44.05p per share, compared 
with a restated 39J27p. 

The CCA pre-tax profit is 
£709,000 (£640.000). 

Beauford 
ends £0.3m 


recession 


pose 


T. Harrison 
improves 
to £2.88m 


higher 


A continuing improvement in 
profits at the Beauford Group is 
expected in the current year 
say the directors. Pre-tax profits 
of this heavy machine tool 
manufacturer rose sharply from 
£37.000 to £356,000 for 19S1. 

The dividend is being raised 
from 0.7p to 2.lp net with a 
restored final of 1.4p Earnings 
per lOp share are given as G.Sp 
(9.5p loss). ‘ 

Turnover improved from 
£5. 82m to £5.46 m. 

• The state of .the group’s order 
hook " is good in the light of 
the present situation.” 

Pre-tax profits were struck 
after exceptional debits of 
£47,000 (nil). There was a tax 
charge this time of £135,000 
against a previous credit of 
£248,000. There was an extra- 
ordinary debit last time of 
£594,000. 

On a current cost hasis pre- 
tax profits were £155,000 flosses 
£245,000). 

Expansion 
at NMW 
Computers 

A rise in net interest receiv- 
able or £4S.235 to- £137,475 
acounted for higher 1981 taxable 
profits at NMW Computers of 
£544.933. compared with £505.220. 
arter the trading surplus had 
fallen from £415,980 to £407.458. 

And the year's single dividend 
or this unquoted company, which 
provides accounting services to 
stockbrokers, is being raised 
from an adjusted 2.5p net per 
25n share to 4p and a one-for- 
three scrip is proposed. Last 
year there was a share split and 
scrip issue. Earnings per share 
arc slated higher at 13.3p 
(12.6p . adjusted i 

Tax took £134.955 (£116.950) 
after a deferred tax release of 
£150,000 (same), leaving attribut- 
able profits of £409,973 
l £388.270). Retained profits 
emerged at £286.368 (£311.014) 
after dividends absorbed £123,610 
(£77,256). 


THE ADVERSE weather 'nmdi- Eurocamp Travel, which was £579,006. was transferred ’- lo- TAXABLE PROFITS, of JT. L. 

tions during the all-important acquired in November,. reserves. Harrison improved from £2.49ai 

Christinas period, affected results pre-tax profits of £840.000 Stated earnings per. 33, 5p share to- £2£&m for 1951 and with 
of Combined English Stores (£603,000) in the year to Decern- were downfrbm Jp to^SZp. stated earning^ j*er Zap snare 
Group, "which includes Salisbury's . ber 31 1881, but all the summer . . ed ging : ahead to~ 

Handbags. Collingwood the season’s profttshavebeen created • Comment l2 -£% The. dividend 

County Jewellers, "Harry Fentons as pre-acquisiriori.' Expenses and Last April, CES predicted a I s n*\ nf 

and Mercado. Pre-tax profits for all interest costs of the acqulsl- dramatic recovery for 1981 and „ increased tmai o 

the 52 weeks to January 30 19S2 lion from the date of acquisition! evsiTTWng .was on. target, anti! 4.isp. - : 

were down from £3.21m to to 'January 30 1982, amounting disaster struck; Christmas. . The Futt year turnover of lh:s 
£2. 68m, but the total dividend to £197.000. have been charged heavy snows of the last yuletide .Ford main dealer slipped from 
is maintained at 3.l5p with an against the group’s pre-tax profits season, the company says. wiped £73fi 3m .to £72. 52m. Tax took 
unchanged final of 1.6fip. for the yean • £Xm off expected pre-tax profits £823,000 (£588,Q0O>. 

Apart from the bad weather ..in just two and a half weeks. -. Looking to 1982 the directors 

in December, the directors say The . directors . say that a This seasonal catastrophe means ^ profits for the first two 

the economic recession made revaluation of properties at the that for the. second year running, months, were lower than the 

trading conditions very difficult inade by surveyors in '. the bulk of the c ompany's profits corresponding period last year, 

throughout the financial year. groups employment, has have been, provided. by property due in part to the inclement 

The recession is continuing to shown a surplus over book value deals and not the rag bade busi- weather, However, they add that 

make trading conditions difficult °f £6.75m. . . n ®s®- *“*•! los^makeia have been March saw a considerable 

for most of the companies in Sales For the year were down s n £ w improvement am * there arc 

the group, but the directors are from £106-96m to £86.67m. -Asso- K encouraging, signs .in ail 

confident that the positive action dates profits were up from divisions. 

that has been taken to eliminate £131.000 to £338,000. There was ^ Hire purchase profits "will h* 

loss-making actiritics and im- a tax charge of £783,000 against once Latin on Varatf foT Mm significantly less than for 1SS1 '* 
prove efficiency will, in due a credit of £311,000. After prSaxThe bul the !*■»*»* subsidiary ,s ' 
course, lead to a substantial minority interests of £119,000 covered dividend ^Btoes the ■ *nereasti»s the nuraher of units 
improvement in profitability. (£113.000) and extraordinary "shares (no Id) at tfin a oot on lpase and its wi5! 

The financial- position of the debits of £1.78ra (same), attri- of around ' 13 *» p cent Which he " higher in the current year. ’ 
group is strong and the board butable profits were just £3.000 seems to full discount another ’ 1 

is confident that it will be able (£2^3m). . Dividends absorb, snowy Christmas. ,A property ■■ ■■ 

to take full advantage of the fl.55m i£l.54m). resulting m revaluation provides the shares l OITirDV hoPlf 
opportunities for. further profit- £1.51m being transferred from with a net asset backing of V/ffllll Ca UdLA 
able expansion. reserves. In the previous year nearly 60p. — 

Hewden-Stuart £ 1.2m in the red witili £lm 

A RETURN to profitable trading Although, profits are predicted in the face of unecoabmic 

is predicted by the directors of for the first half of the current pricing. Borrowings were cut A SWING back . into profit in 
H ewden-Stuart Plant, plant year the directors say it will be r from £19in to £14m, although reported . by Camrra t Holdings) 
hirer, for the next six months, sometime before margins are capital 'expenditure exceeded for 1981. The pre-tax figure is 
The group showed a taxable restored to a reasonable I eveL " £65m. £1^2m and this compares with 

deficit of £L21m for the year to They say that the recesion « ' '■ V a loss of £689.000 In 19S0. The 
January 31 1982. compared with has bottomed out and add that „ rtJT ^ WC r e final dividend is 2.38p fnr a lotai 

a surplus of £3.llm last time. the -work-load of customers is ^ of 4.02p— no payments were 

In the second half pre-tax stabilising and inroads have 'IhariSrat made in the previous year, 

losses amnurited to - u.Mnti.i Cliarges at £2._5m (£t28m). . . 


losses amounted to fL34m, been made into the substantial ' 

agamst profits of £360,000. At surplus of equipment held by e 

the interim stage the directors the hire industry which was - * 804 ’ 00U Pront). 

warned that prospects for the responsible for the collapse W- ' - - 

winter months were “ depress- the rate structure. - • comment 

in R-” TTie final dividend is Being The gloom at Hewden-Stuart 


Turnover of this spetiallsed 
coatings manufacturer, corrosion 
engineer and contractor was 
down, however, from £22.99m to 
£19.47m. 

The directors say that trading 


brought some of the group’s £81 m. the decrease being, tones closmg aD round, ever- 

activities to a complete stand- accelerated by the conscious one of the group's activties e corres P on * iraE 

still. decision not to pursue volume reported progressively lower P® 0 ™ 1 m 1BSL 


-.. profits. Then the winter set in The pre-tax figure was struck 
-wyw-j e -■• earlier and far more severe than afisr lower interest charges nf 

Vn SirlTtflillT 1TTATITC Clin usual. Tbe cut in borrowing nnJy 1608.000 (£057.000) and donrec.- 

luai pi UiUS oUU • reflects the contraction of busi- ation down from £548.000 to 

. • a* ness, not some beneficial trend. £397.000. There was an extep- 

TA tt 9 XI 1TI in Tll*CT noli Tb® Msbt at the end of the tional debit last time of £80.000 

ill IJilijl 116111 tunnel came this February and associates profits of , £10.000 

DEMAND has remained at a com- problems of reduced demand has ^lier^and T?- X x T ? ok - 

paratively low level at Marlonair honn m Wpph im its rtnpkc_»nri credit), leaving £669.000 against 


paratively low level at Marlonair h een ra keep U p its stocks— and 11 credit), leaving £669.000 against 

International, resulting in a fur- Was a , 8111311 ® veraI1 ^ a loss of £450.000. There was an 

ther pressure on margins. For ! 1,^ ,C1 2J_ nftivn? 1 extra ordi nan- dehit nf 

the half year ended January 31, 0 ^ ar S c ° rders - Lutiallj that put based on the marginal rise in (£787,000). Stated earntnss per 
1982, turnover of this pneumatic tfac strain of adjuslmcnt 00 20p share were 6.97p (!^ r . 

control equipment manufacturer output, so that for much of last has 4.73p). 

,h. J tr, cifiKKm anainet either been sold abroad in- 


moved ahead to £lS.55m against year Short time working was niipHnra^i hpJnmi ronafr nut 

£17J39m, but taxable profits fell necessary and the workforce was -. m °k2 ddhai/t 
from £2. 02m to £l.Slm. slimmed by about 10 per cent ££l“Enh ^ ™ BROOKE TOOL 

The previous full year's profits Given a slight improvement in ' hair w-„- 

were behind at £4.07m (£B.lm). demand recemly, manning levels Jj l ri r ^ lac *?. ent or c _ 0 i} s mold i m 

The interim dividend is main- are now such as to allow full- “* ■ t»Jf Jf, ^ SJ in oi? 

tained,. however, at 1.95p net per time operation. Orders are 

share rucnv^riiv* nmrp nuieklv H which had already discounted amounted to £53.500. In yer.ter- 

On "the current year ,he dfrec- anMhina.’in the UK tai in ^ ™ 

tors say that order intake during continental markets, but better at 31p> 5 ieI,u ®C 6 P er rent - . ^i ven a * ^5S.5nt- 
thc last two months gives grounds orders from Germany have ^ 

for anticipating some inprove- added to the impression that the 

ment in the second half, and half year to July may turn out gjllaif Br M 

they expect to be able to recom- better than the rorresmmri'n-i A 

mend a final dividend of not less n-»riod last year. Unchanged at a 

than last year's 5.65p. 227 n, rhe shares yield 4 S wr 

Exchange rales were slightly rent. As«Ufning lhat Marlonair fFnrnwh/ Rhxvier. &. di r*\ 

more favourable, directors say, can match the Full-year total nF ' o meny 8 lagden & N oakes (Holdings) PLC) 

although major European cur- £4.1m, the protective folly- year ended December 97th 1981 108(1 

rendes failed to hold the strength mxed n/e is about 15. which is rear snaeu uecemoer z/tn Tirol 15SJU 

against sterling shown in the still taking full account of the fOOCrs tOOO's 

early part of the six months. quick lift to profit which Matron- ’ Turnover 58 626 60 224 

, air cotrld evoerienec if demand n ^ ^'nno ^Z'ZTT 

• comment made its war back to the 19SQ Profit k?flfore taxation 2,006 2,591 

Martonair’s approach to the level. Profit after taxation 1,220 2.732 


{Formerly Blagden & Noakes (Holdings) PLC) 


Year ended December 27th 1981 

TOOO's 

Turnover 58,626 

Profit before taxation 2,006 

Profit after taxation 1,220 


1980 

£000's 

60,224 

2,591 

2,732 


Langham stops writing 
new life business 


Langham Life Aossurancc. a 
member of the E. Alee Cobnan 
Group, has stopped writing new 
life busLncss and has disbanded 
its 100-strong sales force, pendiog 
a complete reappraisal of its 
future. 

However, Mr Stuart BarUeit, 
the general manager of Langham, 
stated that the company was not 
in financial trouble and the 
Department of Trade confirmed 
That it had not issued a formal 
Stop Order for the company to 
cease wri-tiric new business. 

The Department also stated 
that it was not its practice to 
discuss the financial affairs of 
individual life companies. 

The company made its name in 
ihe 1970s catering for the life 
and health Insurance needs of 
women, under the dominant per- 
sonality of its then marketing 
director Mrs Dorothy Genn. The 
company tried to change its 
marker emphasis to house mort- 
gage related business in I960 
when it took on Mr Duncan 
Lawrence who had been life 
manager- of Minster Insurance 
until lhat company ceased writ- 
ing new life business in 19S0. 


But Mr Bartlett said lhat this 
change ’of marketing had not 
paid off in last year’s dull mort- 
gage market conditions. The 
company had now reached the 
sLage when it needed to decide 
which way to go In the highly 
competitive life market. It was 
looking at each - product indi- 
vidually and how it could make 
K more attractive and com- 
petitive. 

The parent company was 
giving Langham all the finanria-l 
backing necessary, but Mr Bart- 
lett did not expect Langham to 
re-enter the market until the 
second half of this year. 

GT. NORTHERN 

Cazenove has purchased 
300,000 ordinary units in Great 
Northern Investment Trust at 
140 p each for the account of 
RTF. 

At the close of business on 
April 14 the estimated net asset 
values after deducting prior 
charges at market value were 
1S0.2 per ordinary unit of Great 
Northern and 486.7 per ordinary 
share of RIT. 


Bestwood 

dividend 

Including income from invest- 
ments and interest, amounting- 
ro ' V1 ’ :r '.727 against £139,305. pre- 
tax profits of the Bestwood Com- 
pany. . investment holding 
conc-.-n. finished 1981 ahead at 
f- 1 *'- r compared with £179.428. 

? ’ earnings are 7.55p 

i~ -*cr 15p share, after tax 
•’ * (£64.444). and the. 

f. lifted to 5.5p (4-5p) 1 


" W n-:-tax profit is £153.347 


Dividends per share 6.0p 6.0p 

• Earnings per share 8.5p 17.7p 

Net assets per share 132p 129p 

Prospects: 

Having regard to the range of products which we 
seif to the manufacturing and consumer industries, 
it is not surprising that we have continued to suffer 
from the effects of the recession. Whilst 1982 got 
off to a disappointing start and was much affected 
by the inclement weather, there are now signs of a 
slight upturn in business. If this continues we 
would hope to achieve our mpre optimistic 
expectations for the current year. 

A. R. Sparrow, Chairman. 




TRANSVAAL CONSOLIDATED LAND AND 
EXPLORATION COMPANY LIMITED 

( Incorporated in the Republic of .South. Africa ) 

A Member of the Barlow Band Group 

NEW COAL MINE NEAR AMERSFOORT TO 

SUPPLY THE ELECTRICITY SUPPLY COMMISSION : 

The Company has been awarded a contract to supply coal to 
a new 3,600 MW power station at present designated ta Station- 
D” which will be constructed by the Electricity Supply 
Commission (ESCOM) between Amersfoort and Volksrust in 
the South-Eastern TransvaaL 

This will require the establishment of an underground mine 
on a coal block owned by the Company south of Artiersfoort 
The capital costs of establishing the mine are estimated at 
R352 million in June. 19S1 money terms. The first deliveries 
of coal to the power station are scheduled tn take, place in 
19SS. Output will reach approximately II million, tons of coal 
per year in 1994 when the power station is expected- to be. 
fully commissioned Further information regarding the 
financing will be communicated to shareholders -in due -course.- 


NOT1CE OF. ISSUE : ABRIDGED PARTICULARS 

Application has been made to the Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the Official List. 

EAST ANGLIAN WIDER COMPANY 

(Originally Incorporated in England by the Lowestoft Waler. Gas and Market Act 1853. 
the name of the Company being changed on 1st January, 7862 by the East Anglian Water Order 1361.) 

OFFER FOR SALE BY TENDER OF 

£ 2 , 000,000 

9 per cent. Redeemable Preference Stock, 1 987 

(which will mature for redemption at par on 29th May, 1987) 

Minimum Price of Issue — £99 per £100 of Stock 

yielding atthis price, together with the associated tax credit at the current rate, £12-98 per cent. 

This Stock Is an Investment authorised by Section"! of the Trustee InvestmentsJLct, 1961 
and by paragraph 10 (as amended in its application to the Company) of Part !i of the First 
Schedule thereto. Under that paragraph, the required rate of dividend on the Ordinary Capital 
of the Company was 4 per cent, but, .by the Trustee Investments (Water Companies) Order 
1973, such rate was reduced to 2.5 per cent, in relation td dividends paid during any year after 
1972* 

The preferential dividends on the Stock will be at the rate of & per cent, per annum and no 
tax.will be deducted therefrom. Under the Imputation-tax system, the associated tax credit at 
the current rate of Advance Corporation Tax (3/7ths of the distribution) is equal to a rate of 
3®ftths per cent, per annum. 

Tenders for th© Stock must be made bn the Form of Tender supplied with the Prospectus 
and must be accompanied by a deposit of £10 per ElOO nominal amount of Stock applied Jor 
and sent In a sealed envelope to Dsloitte Haskins & Sells, New Issues Department, P.0 
Box 207, 128, Queen Victoria Street, London EC4P 4JX marked -“Tender for East Anglian Water 
Stock 11 , so as to be received not later than 11 ami. on Thursday, 22nd April, 1932. The balance of 
the purchase money will be payable on or before Tuesday, 25th May, 1982. 

Copies of the Prospectus, on the terms cit which alone Tenders will be considered, and 
Forms of Tender may be obtained from:— .... 

Seymour, Pierce & bo., 

10, Old Jewry, London EG2R 8EA1 

Barclays Bank PLC, 

61, London Road North. Lowestoft, Suffolk NR32 1LT- 

or from the Offices of the Company at .163, High Street, - Lowestoft, Suffolk NR32 1HT ard ■ 
.... 64, YorkRoad, Great Yarmouth, Norfolk NF1302LZ. 












23 







- • 



: tniaECial Times Friday April 16 1982 

Coapaafes anti Markets 


UK COMPANY NEWS 


bad 

lit 

i 4 

i e>* 

’ - 1 1 i 



Lilley profits expand: 
£6.15m rights proposed 


FURTHER . expansion is 
expected- by the directors of 
F. J. C. Lilley, civil engineer, 
after pre-tax profits moved 
ahead frorn ffLllm to £7.8 1m for 
the year to January 31 1982. 
They are proposing -to raise 
Efi.ISm with a l-for-5 rights 
issue, underwritten by Noble 
Grossart. 

The dividend has been lifted 
from 5p to S.Sp with an 
increased final of 3.52p, a rise of 
ID per cent. as indicated in the 
interim statement. Earnings per 
Z5p share fell from 23.TTp to 
21.47p. 

The directors are proposing 
the rights issue to help the 
development, programme which 
they say they have been pursu- 
ing profitably for a number of 
years. A rights issue in October 
1980 raised. £3.2fim which 
enabled the. company to become 
increasingly involved overseas. 

The issue will be 5.32m new 
ordinary shares of 25p each at 


I20p each nn a l-for-5 basis. 

Turnover moved ahead by 
£25. 9m io £l27.36m. 

Pre-tax profits were struck, 
after higher depreciation of 
£3.73m (£2. 67m) and increased 
interest received of £1.22m 
(£491.000). 

There was a charge for tax 
this time of £2.42ra, against a 
previous credit of £2£9m. After 
minorities, -attributable profits 
emerged lower at £5.12m, com- 
pared With £9.05m. 

• comment 

Lilley came to ' the market in 
1980 seeking £33m' for very 
similar reasons to those given in 
yesterday’s cash call. This time 
the company has more than £3m 
in the balance sheet, but Lilley 
says it prefers to steer clear of 
the fickle world of interest rates 
and . debt. So .far, - shareholders 
have little reason to complain. 
Since 1080. profits and turnover 
have both bounced up by more 


than 50 per cent and stated EPS 
has gained by about a third. 
Shares at the time of the 1980 
rights were at 92p, while yester- 
day's 6p drop put them at JflOp. 
The group has been feverishly 
shifting its focus of attention 
away from both the drab UK 
market and the volatile sands of 
the Middle East, choosing 
instead to till the more promis- 
ing soil of the U.S. southwest 
The recent American acquisi- 
tions contributed all of the 
turnover growth and nearly 
a quarter of the group’s 
trading profits for 1981 and 
hold more promise for the 
current year. Lilley is now 
anxious in attack Australia and 
expand the property develop- 
ment business of MDW. Fore- 
casts for the current year are 
risky business considering the 
»ace this company is growing; 
but the improved dividend 
means that the ex-rights price 
gives a yield of 5.2 per cent, 
per cent. 


Neil and Spencer £0.5m call 


AS A result . n£ heavier ln!\«« at 
Nell and Spencer Holdings, 
directors and proposing a rights 
issue on the basis of one-for-two 
to raise a net £534.000. 

AMhcugh semnd half losses 
w ? r P . •’-vm firm £S5I,S7fi to 
r 5‘>fl,»j27 < this dry cleaning, iaun- 
*— and machinery enn- 

mded *he November .30. 
\c«i -oar with a taxable deficit 
rf CM5m, ermpared with a pre- 
v‘~"s *1*2.470. 

Tnmovpr dnped from £27.45m 
tn n5«j2m ?nd there is no divi- 
dend frr the ncriod — last year's 
was ?.!•» net 

The rights issue, underwritten 
hv Barine Brother's, is of. 

tflo ordinary shares at 
v>- eaeh. a»»d the net proceeds 
—mi bn anniird In reducing the 
• — hni-rcwrags.. direc- 
— »??■•- — u ?rnV leans and ever- 
r '* *' --ear end -amounted 
* •*** -o-, 

t’-e c , *~rent year, directors 


forecast a first half Jess of some 
£500,000 (£916,000). but having 
regard to action that has been 
taken tn reduce costs and im- 
prove the group's cnmpclitivc 
tmsition. they expect io operate 
nrefitabiy during the second six 
months. 

Within the accounts, auditors, 
Ueloitte Haskins and Sells say 
that in view of the current trad- 
ing position of the group’s sub- 
sidiaries, they were unable to 
assess. whether any fall that there 
may have been in the value of 
these companies was of a long 
term'nature. 

Accordingly they were unable 
to determine the amount, if any, 
of the provision that should be 
made, in the group balance sheet 
against goodwill arising on con- 
solidation of £1.89m, and, in the 
parent company’s balance sheet 
asai-st the interests in subsi- 
diaries of £7 .09m. 


BASE LENDING RATES 


A.B.N: Bank !.... 

Allied Irish Bank 

American Express Bk. 

Amro Bank 

Henry Ansbscher 

Arbuthnot Latham ... 
Associates Cap. Corp. 

Banco de Bilbao 

RCCI : 

Rank Hapoalim BM 
Bank Leonti tTJK) pic 

Bank of Cyprus ; 

Bank Slrcct Sec. Ltd. 

Bank of N.S.W. 

Ranque. Beige' Ltd. ... . 
Banqoe du Rhone e( de 
la Tamise SA. ...... 

Barclays Bank ... ..... 

Beneficial Trust Ltd — 
Rrcmar Holdings Ltd. 
Brit. Bank. of Mid. East 


13 % 
13 % 
13 % 
13 % 
13 % 
13 % 
13 % 
13 % 
13 % 
13 % 
13 % 

85 

13 % 
13 % 

13|% 

13 % 

U % 

14 % 
13 % 


■ Brown Shipley . .. 13 % 

Canada Perm't Trust,.. 13*% 
Castle Court. Trust Lid. 134% 
Cavendish GXvTstLtd. 154% 

Cisier Ltd 13 ^ 

Cedar Holdings 13 % 

■ Charterhouse Japhct... 13 % 
Clmulartons ............ 131% 

Citibank Savings 5125% 

Clydesdale Bank 13 % 

C. E. Coates 14 % 

Consolidated Credits... 13 % 

Co-operative Bank *13 % 

Coririhian Secs. 13 % 

The C/prus Popular Bk. 13 % 

Duncan Lawric 13 % 

Kasil Trust . 13 % 

E.T. Trust 13 % 

Exeter Trust Ltd 14 % 

First Nat, Fin. Corp..-. 15* % 
First Nat. Secs, Ltd.... 15 j% 


Robert Fraser 14 % 

Grind I ays Bank J13 % 

■ Guinness Mahon 13 % 

■ Hambros Bank 13 % 

Heritable & Gen. Trust 13 % 

■ Hill Samuel §13 % 

- C. Hoare & Co. ;..tl3 % 

Hongkong & Shanghai 13 % 
Kingsnorth Trust Ltd. 14 % 
Knowsley & Co. Ltd. ... 13}% 

. Lloyds Bank ... 13 % 

MnUinhall Limited ... 13 %. 
Edward Manson & Co. 14 % 
Midland Bank 13 % 

■ Samuel Montagu 13 % 

■ Morgan . Grenfell 13 % 

National Westminster 13 % 
Norwich General Trust 13 % 

P. S. Rcfson & Co 13 % 

Roxburghc Guarantee 134% 

E. S. Schwab ....: 13 % 

Slavenburg's Bank 13 % 

Standard Chartered ...l' r l3 % 

Trade Dev. Bank 13 % 

Trustee Savings Bank 13 % 

TCB Ltd 13 % 

United Bank of Kuwait 13 % 
Whiteway Latdlaw .. 13!% 

Williams & Glyn's 13 % 

Wintrust Sees. Ltd. ... 13 % 
Yorkshire Bank 13 % 

■ Mem bars of tho Accepting Houses 
Committee. 

" 7-d«? deposit* 10%. l-mcnth 
HJ-25*;. Short won £8.000/12 
month 12.6%. 

1 7-rfav rii-l* ,, t;.>s on «nrns of. iindnt 
£10.000 10V L. £10.000 up to 
£50.000 11%. £50.000 end over 

11 Vi. 

* Call .deposits £1.000 and over 
10%. 

I| 21 -day deposits over £1.000 11 Vi. 

5 Demand deposits iOV.i. 

Mortgage base retft. 


• comment 

Yesterday's losses and rather des- 
perate rights issue from Neil 
and Spencer pot the skids under 
the shares. The price collapsed 
by 6p to I4p, just 2p above the 
rights price and ‘a far cry from 
last year’s high of 66p. The com- 
pany chopped back a quarter of 
its UK labour force last year in 
the fage of mounting domestic 
losses. But the surgery was .not 
enough to stem the negative cash 
flow. Net borrowings, including 
long-term debt, crept up from 
£3.77m at the end of 19S0 to 
£4. 3 2m despite a reduction in 
stock and debtors and sharp in- 
crease in creditors. Net current 
assets fell by more than £2m in 
1981. Capital gearing would have 
soared to well over 100 per cent 
but a property revaluation came 
to the rescue holding the figure 
to 93 per ceDt. Still an unaccept- 
able level. Hence the rights issue 
which, together with two dis- 
posals, should raise close to-Ilm. 
That, along with the forecast of 
a return to the black in the 
closing half of 1882, should keep 
the bankers happy, though after 
yesterday's shakeout in the price 
the underwriters may well have 
to work for- their fee. 


E. Anglian 
Water £2m 
tender offer 

THE East Anglian Water Com- 
pany is offering for sale by 
tender £2m or 9 per ceDt redeem- 
able preference stock. 

At the minimum tender price 
of £98. the conventional gross 
yield is 12.98 per cent, or 18.94 
per cent for those liable to cor- 
poration tax. 

The stock is redeemable at par 
on May 29. 1987. Applications, 
for the issue, which must be 
accompanied by deposits of £10 
per £100 nominal amount of 
stock sought, must be received 
before 11 am od April 22. 

The first dividend, which will 
amount to £3237 net, will be 
payable on October L 

• comment. 

Anglia’s stock yields nearly a 
full point less than the com- 
parable Government stock, but 
the Falkland crisis wasn't in full 
bloom when this offer was drawn 
- up. The last comparable water 
issue, by Bristol Waterworks 
last month, which yields less 
was offered at £100 per cent and 
fetched "an averaged price of 
£100.6. In partly paid form, it is 
now trading at a slight premium. 
Unless things deteriorate drama- 
tically in the next week, 
customers who can take full 
benefit of franked income are 
best advised to pitcb their bids 
at a £1.50 premium to the tender 
price. 

BOARD MEETINGS 

Th# following companies hsvs notified 
dans ol board rossnogs Io tto Stock 
~Exehangs. Such mtatings are usually 
hold for the purpose ol considering 
dividends. Official indications are not 
avertable as to whether dividends are 
interims or finals and the subdivisions 
shown below srs based mainly on Is&t 
year's timetable. 

TODAY 

Interims: British Empire Securities 
and General Trust. 

Final: Horace Cory. 

FUTURE DATES 
interims — 

Aberdeen Trust - Apr 23 

Spencer Gears Apr 22 

Finals — 

Aberdeen Construction May 5 

Border Breweries (Wrexham)... Apr 2B 

Cfive Discount Apr 28 

Croiweher (John) Apr 26 

Cuss ins Property Apr 21 

Duncan (Waiter) & Goodncks Apr 19 

MiKetxs Leisure Shops May 5 

Office and Electronic Machines Apr 29 

Psntiand Industries Apr 28 

Roberts. Adlard — May 4 

S co truth Northern Investment 

Trust Apr 23 

United Friendly Insurance Apr 19 


BANK RETURN 


Wednesday 
April 14 1982 


increase t-rior 
Decrease l— ) 
lor week 


BANKING DEPARTMENT 


Liabilities £ £ 

Capital 14,553,000 - - 

Public Deposits.- 45,170,288 . * 2.463,807 

8nnkers Deposits i 628.635,801 . * 83,643,491 

Reserve and other Accounts.. 1,770,643,756 — 81,250,938 


2,459,002,849 


4,856,360 


Assets 

Government Securities 

Advances A other Accounts 

Premises Equipment A other Sees. 

Notes 

Coin 


790,076,403 

1,119,123,262 

536,193,373 

13,387,612 

222,199 


87,350.000 

61^377,921 

16,820,887 

4,295,806 

9.974 



2.450,002,849 <•> 

4,856,360 

ISSUE DEPARTMENT 

Liabilities 

£ 

£ 

Motes issued 

in Circulation 

in Banking Department 

Assets 

Government Debt. 

Other Government Soeunties 

Other Securities 

10.925,000,000 

10,911,612,388 

13,387,618 - 

11.015,100 
3,367,570,771 * 

7,546.408,129 - 

25,000,000 

29,295,806 

4,295,806 

64.169.557 

39.160.557 


10,925,000,000 

25,000,000 


This advertisement compiles icith the requirements of the Council of The Stock Exchange in London. 
It docs not constitute an offer of, or invitation to subscribe for or purchase, any securities. 


ti 


U.S. $200,000,000 

Phillips Petroleum 
International Finance N.V. 

(Incorporated in the .\cthcrlands Antillex) 

m GUARANTEED NOTES DUE 1989 

Payment of principal and interest 
unconditionally guaranteed by 

PHILLIPS PETROLEUM COMPANY 

(Incorp&vtedmDetazrare, United Slates of America) 


The syndicate managed by the following has agreed to purchase the Notes: 
MORGAN STAXLEY INTERNATIONAL 
AUGEMESE BANK NEDERLAND AX 
BANQCEDE PARIS ETDESPAYS-BAS 
DEUTSCHE BANKAETIENGESELLSCKAFF 
SALOMON BROTHERS INTERNATIONAL 


CREDIT SUISSE FIRST BOSTON 

Limited 

BASQUE NATION ALE DE PARIS 

CITICORP INTERNATIONAL BANK 
Limited 

MORGAN GUARANTYLTD 
soci£t£ gEnErale DE BANQUE SA. 


SWISS BANK CORPORATION INTERNATIONAL 
■ Limited 


UNION BANKQF SWITZERLAND (SECURITIES) 

/i r n lfe xi 


S.G.WARBURG&CO. LTD. 



cent, Kane been. 
Notes. Interest is 


payable annually uz arrears anMay‘1, 


PartxidoTn of the Imam thcGuarantor and the Notes are mxiil&blc in the Extel Statistical Services Limited and may be 
obtained daring normed business hours on any weekday (Saturdays excepted) uptoand including May 3, 1983 from the 
brokers to the issue: - 

Caxenove&Co., 

12, Tokcnhousc Yard, 

April 16,1982 London EC2R 7AY 


Clyde Petroleum ahead 
of forecast at £l.lm 


ALTHOUGH TAXABLE profits nf 
Clyde Petroleum declined mar- 
ginally from £I.l4m lo £Llm for 
1981 the figures were ahead of 
the directors’ estimate of £850.000 • 
made at the time of the rights 

issue announcement in January. 

The main reason for the im- 
provement, compared with the 
forecast was a reduction in 
depreciation charged against the 
group's U.S. oil and gas produc- 
tion assets because of the better- 
tit an- expected reserve positions 
at January L 1982. 

Turnover • reached £24. 1m 
f £3 7.36m). Tax took £582,000 
(£774,000 credit), unrealised ex- 
change gains totalled £1.32m 
(£665,000 debit) and minorities 
accounted for £409.000 (£118,000). 


Extraordinary debits amounted to 
£1.35m (nil), leaving attributable 
profits of £81,000 (£1.13m). 

Stated earnings per 25p share 
were 0-3p (5.3P), but the divi- 
dend is held at 0.55p neL The 
group's share are traded on the 
USH. 

CCA pretax profits were 
£497,000 (£373,000). 

• comment 

Coming between a one for one 
rights issue and the first 
revenues from its stake in 
Buchan, Clyde’s preliminary 
figures have little relevance to 
the company’s future or its 
present share, price, down 4p to 
98p. Profits exceed those fore- 
cast at the time of the rights 


issue largely because the 
depreciation formula used in the 
accounts takes account of 
increases in reserves whereas 
the prospectus assumed no addi- 
tional reserves would be 
established during the year. In 
fact, a substantial fraction of 
the 1981 profit still derives from 
non-oil activities, such as the 
assembly and distribution of 
cars in Ecuador. These activi- 
ties are likely to be hived off in 
the course of this year; as a 
result, the 1981 trading does not 
even form a basis for projecting 
Clyde's earnings jn 1982. Oil 
acquisitions in Ecuador and the 
Ofi. are producing a better flow 
of cash than forecast, although 
Buchan will not contribute until 
the first quarter of 1983. 


Kalamazoo moves up to £0.4m 


Rowan and 
Boden in 
the red 

second half losses of 

£293,563 compared with profits 
of £16.707 are* reported by 
Rowan and Boden. and figures 
for the whole of 1981 show losses 
of £188,563 against profits of 
£387,7JD7. No final dividend is 
being paid, leaving the interim 
of 0.5p as the total payment. 
Last year a final of 1.21p was 
paid for a total of 2^1p. 
Turnover of this Paisley-based 

furnisher, plastic manufacturer, 
floor and deck covering contrac- 
tor, was down from £13. 63m to 
No tax was payable 
against a credit of £108,441 last 
time. 

The loss per 25p snare was 
4.67p (earnings 12.27 p) before 
extraordinary item, and 6.46p 
including it. On a CCA basis, 
there was a pre-tax loss of 
£568.000. 


AN EASTER year was expected 
for 1 981-82 at Kalamazoo by Mr 
W- F. Younger, chairman, and 
he says the results for the first 
six. months to January 29 1982 
bear out this expectation. 

Sales are marginally higher at 
£18.57ra, against £15.?lm and the 
current cost pre-tax profit has 
risen from £301.000 to £433,000. 
However. Mr Younger points out 
that the improvement in profits 
is largely due to lower current 
cost adjustments of £214.000. 
against £429.000 last time. Per- 
formance remains depressed, he 
says. 

“There are indications," he 


adds, "that confidence is begin- 
ning to return to onr main 
markets, but this is ui&kely to 
affect our figures for this finan- 
cial year.” He says that the com- 
pany is looking for an upturn 
in business during the -autumn. 
th<* first half' of the company's 
next year. 

The net interim dividend of 
ill is business systems and- ser- 
vices supplier has been main- 
'•'rineO at O.S3p. In the last full 
year a total of 25p was paid from 
pre-tax profits of £1.83 m. od turn- 
over of £32.39m. 

“Wc expect” sal's Mr 
Younger. “ to be able to maintain 


the final dividend at last year’s 
rate. provided that the 
anticipated improvement in our 
performance is showing clearly 
by October." 

Defteciation on a replace- 
ment basis was £1.07tn (£1.06m) 
and on a historical basis was 
£91.6.000 (£922.000). Funds 

generated by operations were 
£1.71xn i£ 1.79m). 

Group profit is shown before 
charging K-W-A bonus and taxa- 
tion. The bonus, however, is an 
annual charge and it is tot 
racticable to calculate the bonus 
and tax figure for the first-half 
results. 


SPAIN 

April 15 
Banco Bilbao 
Banco Caniral . ■ 
Banco Exterior 
Banco Hisoano 
Banco Ind. Cat. 
Banco Samandar 
Banco Jrquijo 
Banco Vizcaya 
Ban^o Zaragoza 
Dragados 
Espanoio Zinc . 
Focse 

Gal. Prnciados 
Hidroia . . .. 
Ibarduoro . .. 
Peirolros . . 
Pcirc!iber 

Sopcflsa 

"Hrielonica . 
Union Eicc;. 


Pnc« 

‘+OT- 

348 

343 

305 

316 

-2 

110 

333 

-2 

204 

366 

246 

1s3 

■±\ 

63 

61 

>0 5 

36 

627 

57 

-02 

91.6 

97 

9 

69.5 

63.2 

-0.5 



EXTRACT FROM THE STATEMENT BY 
THE CHAIRMAN, SIR ROBERT FAIRBAIRN, ON THE 
REPORT & ACCOUNTS OF THE CLYDESDALE BANK PLC 

FOR THE YEAR TO 31ST DECEMBER 1981 


The Year’s Results 

“The profit of ihe Bank and its 
subsidiaries and associated company 
for the year ended 3 Is: December 
1981 was £23.05 3m. This compares 
with £24. 485m for the previous 
year, a decrease of 5.8%. This profit 
was achieved despite the difficult 
economic conditions under which 
we had io operate leading to slightly 
higher provisions for bad debts 
compared with 1980; a fall in 
average Base Rate from 16.32% to 
13.25%; and again an increase in 
overheads. The profit after taxation 
was £1.37Gm lower at £12.783m and 
this was further reduced by £4. 425m 
in respect of the special tax on 
banking deposits to which I referred 
in my Statement last year. The 
Board of the Bank declared an 
interim dividend of 14% which was 
paid on 4tb August 1981 and a final 
dividend of 16% is recommended 
for payment on '27th April 1982, 
making a total distribution of 30% 
for the year against 28te% for the 
previous year. These payments 3 
together with the special tax, leave 
retentions for transfer to reserves of 
£6.432m under the historical cost 
convention and £0.787m on a - 
current cost accounting basis. The 
comparable retentions in 1980 were 
£12.324m and £5.631m respectively.” 

“A greater volume of funds 
available from increased deposits 
more than offset the effect of die 
reduced level of interest rates. ” 

“Additional income was also 
obtained from commission and fees 
on higher volumes of activity and 
from the higher rates of charge 
reluctantly implemented during the 
course of the year to compensate 
partly for the further increase in our 
overheads. During the year, staff 
costs increased by 1616% with other 
overheads increasing by 16%. The 
increased charge for depreciation of 
fixed assets reflects the very high 
cost of equipping a bank branch 
network with essential computer- 
based equipment, and 1981 has seen 
a further increase in depredation 
costs following additional capital 
investment of around £10m during 
the year compared with about £13m 
in 1980 on equipment and pr emis es. 
We have now completed a major 
phase of capital investment, 
including the very significant Head 
Office development and 
refurbishment project, and 
replacement of our mainframe 
computers and completion of a 
counter terminal system.” 


“The year-end consolidated 
balance sheet shows total assets of 
£1 ,908m, some £28 1m, or about 
1 7V*% higher than at the end of 
1 980, with notes in circulation 
showing a very considerable rise of 
£40m to just over £137m. Current, 
deposit, and other accounts at 
£1 ,535m increased by 18.3%. 
Advances, less provisions, at a total 
of £1 , 145m were 15.1% higher at the 
end of 1981 than they were a year 
earlier. Once again our balance sheet 
showed a high degree of liquidity 
with liquid assets at £670m, 
representing just over 37% of public 
liabilities.” 

Automation 

“It is very satisfying and 
encouraging to be able to report year 
after year the substantial increases 
we achieve in the number of 
customers we attract, and in the 
wider use they make of the 
numerous services we provide. This 
growth demands that we continually 
strive to improve our general 
efficiency and in doing so we have 
taken a lead in the automation of 
many of our systems.” 

“Every teller now has a terminal 
on the counter providing a 
streamlined service to customers 
and rapid processing of .their 
transactions through the elimination 
of much paperwork. Linked to this 
system is our network of 24 Hour 
AutoBanks which enables customers 
to undertake much of their basic 
banking business at times which suit 
them. These machines have 
thoroughly proved their usefulness 
and appeal and, although our initial 
installation programme is virtually 
complete, we are continuing to look 
at other locations. For security 
reasons and for the comfort of 
customers wc aim in future to install 
machines in the vestibules of our 
Branches wherever possible.” 

“In a novel development with 
interesting possibilities for the 
movement towards electronic 
banking, we xecently launched a 
pilot scheme with British Petroleum 
enabling customers holding our 
AutoBank Cards to use them to pay 
for purchases at two filling stations 
in Aberdeen. This venture is the 
first on-line Point of Sale Electronic 
Funds Transfer-system in the 
United Kingdom and we are already 
learning a great deal from it about 
operational methods and customers’ 
acceptance of this medium of 
payment.” 


New Services 

“With the greater demand for 
home ownership we have increased 
our participation in the market 
generally and in particular we would 
like to encourage the prospective 
first-time home buyer io save with 
us with the assurance that a 
mortgage will be available when it is 
needed. For that purpose we have 
introduced our Guaranteed 
Mortgage Scheme.” 

“A great deal of attention has 
been focussed on the encouragement 
of small businesses, both in the way 
of tax encouragement for the 
provision of share and Joan capital 
and in the encouragement of 
corporate lenders to provide loans, 
and to the Banks in particular by the 
supplementing of ordinary overdraft 
finance with extra facilities 
guaranteed in part by the 
Government through the Small 
Firms Loan Guarantee Scheme. 

I thoroughly support the desire to 
help the small man -be he an 
individual or a firm - to establish 
himself in industry or manufacture, 
indeed in any type of enterprise. 
Only in this way will we, as a 
country, get the initiative and 
growth which we need. From these 
small beginnings we will get new 
industries and from these we hope 
that larger units will grow.” 

“The Banks have been in this 
field for years - in fact since their 
very beginning — and there can be 
few businesses in the country where 
bank finance has not played a part. 
Through our branch system, with 
Managers in every part of the 
country, we can give a personal 
service both at the start of an 
enterprise and throughout its life. 
Indeed it is the after-care which is so 
important and we in the Banks are 
unique in being able to do this.” 

Future Prospects 

“l am hopeful that 1982 may 
provide real signs of improvement in 
our economic fortunes. If the 
considerable sacrifices which have 
undoubtedly been made are not to 
be in vain it will require even more 
application of die pursuit of 
efficiency throughout industry and 
commerce. I have never doubted 
that the ability to achieve this goal is 
within our scope and I am 
encouraged to believe that we are 
now also showing the will.” 

Clydesdale Bank 


Hod Office; 

30 Si. Vincent Place, GtagowGl 2HL. 



■ 




Companies and Markets 


Depressed 
prices hit 
Alcoa 


b ,o u ,mc W JL 

THE U.S. aluminium industry da> tna^ tne> “ J^| over and Gamble. wimoanv quarterly earnings yesterday, 

is being Sun by the nM fflLS, Sou “ sell its . However, “Kg S *M. 4 m or * 1.06 » sh.« 


BY DAVID LASCHJ-ES IN NEW YORK 


Financial Times April 16 1982 

iwtkbN ATIONAL COMPANIES 

7 I Caterpillar BNP offers floating rate 

Morton-Norwich set to Tractor note to raise $250m 

settle Rhone-Poulenc r pro ^ . . -„-ss ss&M 


end nested. Mocs— wouid the *>' >- *“ 


l sharply =S5 »k8s£ ; 

id Uscdtes In New York ^TbTEd rC ^he Swirefranc forergn^hoig 

■a“ » gSSSEns s-SSSfeg $&58&gt 

ery group, reports a the ax-month decisive, ana ouickly< Todays for NiDSKm 


Aluminum Company of America I 
(Alcoa), the largest company in 1 
the industry, yesterday reported 
that profits in the first quarter 
had been halved because of ; 
falling prices. ; 

Alcoa earned $43 -S® or 5t 
cents a share, down from 
S101 Jro or 81.37 a share in the 
first quarter of 1931. However, 
this figure Includes a S21.Bm 
gain from premature retirement 
of debt, suggesting that operat- 
ing earnings were deeply 
depressed. 

Sales in the quarter amounted 
to S1.2bh. down from Sl.Sbn the 
vear before, and aluminium pro- 
duct shipments were down to 
397,000 tons from 408,000 tons. 

Mr W. H. Krome George, 
chairman, said: “ ® e P re ?®*J | 
aluminium prices and the high 
cost of carrying idle facilities 
were the two major contributors 
to lower Alcoa earnings in the 
first quarter.'* 

Reynolds Metals, another 
large aluminium producer, re- 
ported profits of S13.6m or 68 
cents a share, down from 533m 
or $1.69 a share- Sales were 
S732.7m. down from $846jm. 
Shipments were also do^J? 
about 44,000 tons to 240.300 
tons. 


Morton’s decision to swu 
pharmaceutical division to 
Procter and Gamble. 

The French chemicals group, 
which owns 20 per cent of 


is.^ believed to be in^g ^^^18 
on damages for Mortal earrings for the M\ 

Norwich’s attempt to *°P tte SgSmnths of its flsrel year to 
sale of ns State in the ua. or a share from 




violated a 1978 »sree”-« 

-sa *-** mss Sfsssrs.N as 


SsfactoryresolupoiKrfsome division ."!“<* 


Mr unanes *■ ,__.i ntP rt u because « me This was aue u* 

chairman, said y«terday ttiat ^ te T VeS cost of Rhone- large 

the two companies had tenta, return^ investment has not jj^dran^SSdiary because of 

SS? Rhone, J a S e Vf boughfmOOO the devaluation^f tjyg; 

Poulenc would sell back its or giMl d ^ M1 ^h, at a M°£ on household 


their ‘relationship. ^ - t bou 

Poulenc would seU back i or gi shares for 53 ! 
slake to Morton for S135m, and new ^ ^ 8m Th( 

WTs'a^emTnt wtuld be ter- 1,955.000 .hares we. 


losses SU»ULU*w . — ■ r 

Mexican subsidiary because o 

the devaluation of the peso 


new shares for S31 mainly salt-based 1 

SSwSm bought in goods. Showed gams. 


Californian S and L bailed out 


BY LOUISE KEHOE IN SAN FRANCISCO . Richard T. Pratt chairman 

FIDELITY SAVINGS, an Oak- g 

lan. California-based savings and add yangs stat savings B°ard. said . ^ services 

loan association, has been bailed U lQans commissioner, to step torupOo There will be no 


^TSSTb&SS^ orator 


Schlitz agrees 
to increased 
Stroh offer 

By Our New York Staff 


Home Loan Bank — the regu- 
bodv of the U.S. Savings 

precedented move the bank 
board and Californian state 
i vosterday took over 


moved so 


Of the institution. - delit _ 
Shareholders . In 
Ravines holding company 


8 y David Uscenes in new j 

CATERPILLAR TRACTOR, 1 

the U.S. construction . 
machinery group, reports a 
sharp drop in first quarter 
earnings because of the weak 
markets both in the U-S. and 
abroad. 

Profits fell to $42 -5m or 48 

cents a share, less than a third 

Q f last year’s wm 5?^ l bl ! 
level of 5142.4m or $1*64 a 
share. Sales tumbled from 
S2J!bn to 51A6bn. JM the 
company is maintaining its 
67^ eents a share dividend. 

Caterpillar said ■ that the 
first quarter had been marked 

by economic uncertainty, mgn 
Interest rates and a severe 
downturn in UJ3. busing 
activity. Most other countries 
were weak too. Hteber depre- 
dation rates along witn 
increased interest expense 
also pulled earnings down. 

The Peoria-based company 
had already announced large 
cuts in its workforce. But it 
confirms that the number of 
people on indefinite lay-off 
will rise to about 10,000 by 
the middle of this year out 
of a total workforce of 59.000. 
Capital expenditures will be 

5600 m, about 5100 m less than 

last year. 

The group is still optimistic 
about the long-term outlook. 
Spending cuts would nst 
affect long term objectives, it 
r said. 


ass. 


buy fixed-interest bonds. The 
I nwr the ax-month 


ing. As expected. 


(URK»r> “*^54^ cent continue to o*™* — porttion. ™mai 

— T- to*** K S interest 

sffifts-sySs 

HoaHriK rate note offer of last market - . - tnP saw coupon, pven the prese_ . 


maturing in 1990. \ 

simBar to the succe^ful 


= n ° te ^ 01 ^Tbuto D-Marfe snetnr^ 

wee ^' ^ - nd a DM 10 m seven-year 1KW® ° Amro Bank is launching, a 

„ Boston are for B ec 5.5K r’SKSssr The bonds 


Credit SuiMe First Borton are p. With a The bonds 

lea S D S. S-d S n eafa lOper^t couponed 


TtaSnSR the ex-wamn art for a °^ ve a ^maturity. - Orion 

price of the notes was quoted a leak . DG Bank is Royal a ^$wiss Bank CorpP^- 

- *» ♦»** nre-markeL At ths Son International are also lead- 


?e S vS i S.e h e fi ff?S^^ Biro ^rnche 

Libor comes to about 35 basis bQnds feU by i to i pom 


managers. 


paints. 


Two U.S. drug groups 

show first quarter gams 

BY OUR FINANCIAL STAFF 


further gains ta proat^m 

the first quarter of the jejrw^ ^ 0 * last 

disclosed ^ eS ^ er ^^? n t J5 1 i« ^ 1 Eli agricultural 
U.S. ethicla dnig companies. ^ 


Saxon files lor 

lg groups bankruptcy 

artcr sains By ow m w yoh* s«« . 

^ “ T, TrTl interest rates claimed 

STifs. corpora victim 

ae 54.75 a Share cftoal 198 ^ yertwJW- ^ s iejaing 
The group took about 40 P Suon tm 

cent of last yearis. profit from manaufacturer ^ 


LiUv, which «kes more than Ta minor ^ 


cent of last yisu»K‘»- . ^, “'>1 supplies, .fileti . 1 or 

sawSrfi SLFa s srss 

health prod uc t5- A j I, ^° ^ S which allows It 'four 
jr°Vrt« l Si months M put together a re- 

33 ias*>a 

*SHS?.asa SliiSiSS ' 


cosmetics 


sale of the association Savings holding company-' 

4 1\?eMW. which had SO.offi^ « ^^Tte^ThSr 
raiiforiua. is the ever oe _ t0 


officials yesterday tooK over h * t California, is the ever Mse ntiallly cease to 

Loan 


approved the formation ot an™ 
Federal Savings and l «»« 
Association, to a ^JJJ ie . 

property,, depots and _loans 


organisation to fan in reren FeTeral Homes Loan 

years. It was the 21st largest Bank Board had contractedwiOj 

savings and loan group m the Home Federal 


Weak start to 
year for CBS 

By Our Financial Staff 


arue sai«>. «■ — - . . t , tw . came rroro ^ .. 

Skoklei based group which takes which includes the 

the bulk of its profits from snn ™ iza heth Arden subsidiary 

Sr markets, both recorded w We earein^ moved 


assets totalling Sg^n ■ depositors will be protected 

Rumours of Fid elity s pro bv th g Federal Savings and Loan 
an extraordinary r.nmnration, which 


the TWO brewers. Stroh and lems caused an extraoruma Corporation . wnmn 

ST Mil*, who have , been outflow of orer S70m in the ^ res d eposits up to $100,000. 


Jos Schlitz. who nave uyu 
waging a take-over battle for 
the last three weeks, yesterday 
announced an unproved deal 
which will result in Schhtz 
being merged into Stroh. 

The key to the deal was an 
agreement by Stroh to rawe * ts 
offer from $16 to SI* a f2 ,a "’ 


S ended April 5 and the ensures 


sSritS and Loan Assoa^tion 
to run°Fidelity for the n^t six 
months. The bank board wiU 
pay all expenses. 


Owens-Ccrning in red 


BY OUR FINANCIAL STAFF 


Weak demand 
lowers Dana 

By Our Financial Staff • 


FIRST QUARTER earnings 
at CBS, which operates one 
of the three leading U-S. 
teelvislon networks, owns 
radio and television stations 
in major locations and is an 
important factor m the 
recorded music industry, ten 
16 per rent in the fi *f R 
of 1982, from $16.9m to 


p“„ the SSuJS*"- g 6 'SS.TSfj? , ««. --j £orrepwm ent 

•siasTSSs “ 

$ 1.78 a share of $ 863 . 2 m, up currency fluctuauon^ d ^ its 
from 5812 . 6 m. takes aroun from units 

Lilley h,« rHtttei [It i U.S.. . chiefly in 


currency fluctuations, 
takes around one-third of }“ 
taK “ from units 


Searle 


a lien on ali Saxon’s assets, 
which the -company . wmJ V* 


earnings to reflect its change 

Sci&“r»^“ 

sart® pTcM«g Ksri'ac » 

SIn qU "tr e e r et da nr™ t0 tS rch^c in the seogr^cl ^ 0 ss for 1981. 

earnings wiU rise this year from mix. 


SESL a-srusi- »- “t C w 5 w'*: «gjTj 

Oiiartn Rir.o. . ;tc riphts. HotffWJ. - _____ 


p^rd to grantr As k result the 
baiflcs caltedln their loans. ^ ai 


* At the Per -«h«J lev ^ 
profits fell from 60 to 51 
-S*ni«L Sales for the period 


'5HRM around ^m^t SS Mg 

was enough to persuade Scb itz Fiberglas bare delude the cur- group, has 

sS’His 3 SsSsi's SSiSSF 1 %«■“” = - 

ti?Q Sl nnti-trust authorities in !»«. Boeschen stein, short of th^record regis- 1 ce^^ ^ 

Washington gave U tentative. the current tered « 1978 : — — T 

approval. • - - ■ ll 


poSblv anti-compeUtive. 

P Stroh’s tender has 

already brought it over *0 pe- 
cent of Shclitz’s stock. It got a 
hoes* earlier this week when 
the anti-trust o«tjiow«j* 


cent fall in first quarter earn- 
ings from.$28.4m or 80 crate a 
shwe to $20Am or 56 cents a | 

^^esTtTe^riodweredown 

6 per cent from $W4m to $K5m 

due to weak demand from 


cents! Sales for the perom 
edged ahead 2 per cent, from 
$ 981 ^m to $lbn- 


TmtfrnATIONAl" bond service 


UJi. QUARTERLIES ^“iSS«iXCi “* ” 


ks strssffJsstfssftfilSSjSSi' 


ACME-CLEVBLANO 


closures 


JU2 IA«» aKOxSiu MnnST*«* n 


y, M, it ana on acu vnm tf M * 


Builter ofrocorf wdjr. 


Second quartof 

R«vc«u« 

Nit profits 

Not P«r show. 

Six months 

Rcvonue 

Nat profiU 

I Nat gar shara 

ALASKA AIRLINES 


1981-82 1980-81 
S s 
B7.1 100.0m 

5.83m 4.77m 

1.29 1-06 


199.0m 210.8m 
9.67m 7.0Sm 


be published next on weanesoay — 

Change on 

U.S. DOLLAR . R u Offer day week TTatd 

STRAIGHTS lOU. 101*» +0 } » +0 ’« 15,98 

Amax Int Fin. IB. g -JJ -o4 +0U 15.66 

An hail sar- Busch 16*, 88 noo ^ . 0 +0>1 15.46 

APS Fin. Co. 17 s * 86 ... » IS? _ 0 w +0», 15A6 

<R fit. CO.' !»■“ a g ’SS’Si-Sv+^IS.® 

ftirjftRu-Mia:" S ’TV. s. asffls 


Chann* . 

cthaikhTS lasuad Bid Offar day wwk 

STRAIGHTS wjf™ vmw.102 1 . 0 “O 1 *?*-?! 


Rrst quarter 45 . 3 m 33.6m 

Revenue ...; *132.000 fl.tBw 

Nat profits - tD.0S t0-^ 

Net perahac. ..._ 


APS Fin. Co. m » 

ASco"6/S°Fin. 15*. 86 ^0 

SWtV- 1 I 

SSLSrffJW. 1 

Canadair 1^, f7 ■■■■■■ 15 B 
Can. Nat. Ro»- 51 
Carolina Power 164 || »* 


&rf-n. 164 86 1M 



COLT INDUSTRIES 


First quarter 

Revenue 

Net profits — - 
Net par share . 

1HSILCO 


419.8m 429.0m 
25.48m 41.48m 


CFMP 16k « 

CiBC 16 87 

C •‘•'oro Ote 154 97... 
CNA 15V «7 v 

Cons.-Baihurst 174 83 
Con. Illinois 15V 89 ... 
Dimont O/S 144 68 ”• 


o -S Cap. 0.0 SO 3PO 


Province de Quebec 


Finrt quarter. . 10O-8m 

N«“nraflTS 6-71 : m 648 ™ 

Net proms 0 ,, 0.42 

Net p er share - T_ 

IPOTTJL. MINERALS ft CHEMICAL 

— T - * 1981-82 1880-81 

Third quarter ^ 534 * 7 * 

23 .5m 42.0m 

IK ..... 0.89- 1.53 


£35,000,000 151 per cent. Notes 1987 


Third quarter » 

Revenue - - 5 

Net proRta - ^ 

Net par share U B3 . 

„ Nine months 1 _ 28bn 1i4 Bbn 

S«*p U rorra'"".'“." 13 *i 7 ™ 1Z4 4 C ^ 

Imperial corpn. of awictica 


S. G. Warburg Be Co- XjW. 


CIBC Limited 


First quarter 

Revenue 

Net profits ... 
Net per ehare 


1982 1981 

S s 

138.0m 193.0m 
t13.2m 1.4m 

10.93 0.10 


jfcmio International Limited 

County Bank: Limited 
Credit Suisse First Boston Limited 
Samuel Montagu Be Co. Limited 
Morgan. Stanley International 


Credit Cornmercial de France 
Lloyds Bank International Limited 
Morgan Grenfell Be Co. Limited 


t Loss 

UBBEY-OWENS FORD 


■First quarter 


Revenue „ 

Net profits 

n*. nor share tO.22 


1982 1981 

S * 
280.8m 311.8m 
t1-22m 8.07m 

+0.22 0.62 


Yamaicbi 


AUhlL Baals eJ Einrait KSXJ. 


■'« Daa ntienV 


SncedflZCkillttdo 


Net par share ^ ^ 

MARRIOTT CORPN. 

— 1982. 1981 

RJSfua q ” r,W 516.2m 4lMm 

Net* profite".. 

Net per share 0 63 

MABYLAMP WATIONAL _ — 


ECSC 14V 87 5 

I’fn.^c.ed.taog S 

GMAC O/G Fin. 154 97 1M 
Gull Canada Ltd 14V 92 100 

Gull CIM 144 M ■ 176 

p.,:f Ol Fin. POP" 
lnt.-Am. Dv- Bic- jfs ^ “ 

Japan Airlines 1^ £8 W 
j e P pan Dev. Bk. 151* 87 60 

Nat. West 144 91 ■■■- _ 

RKTS-SS jj- 

O^rK-te^N) ZOO 

Bisujr-as s 

j. C. Penney GI Oh 84 
Ouebec Prov. 1 SV ‘ IS 

R.J. Rvnlds. O/S 0 0 92 4J0 
Sasl-aichewan 164 83 .. ion 
lU 39 ... T"* 

5 SWM. m * 

F». emH I". PT 
Swed. Es. Cred 0.0 94 200 
7c<as Eas'ern 154 83... 75 

T-«n , !C.' r 'pda 1 6 HS ■ ■■ 

Weils Fargo 1- F_15 87 75 

WMC Fin- 15 i, 88 ^ 

World Bank 16*« 88 ■ 230 


Average price changes. 


102V 1034 -0V +04 m 
10S 1064 • 0 +04 15.46 
102V 1034 -04 +04 T5-A| 
904 99V -0V +04 15.45 
101 V 101 V 0 
25 254 0 +04 14.9B 

102V 1^* “OV +V* 

102 1024 0 +1 15.13 

101 1014 0 +0V 15.10 
SB^fl 88 V +04 

1044109a 0 +0V 15-26 
102V 102T. -0V 0 15.56 

101V 101 V -0 * + ^? It'S 

102 1024 -04 +0V 15-29 

1004101 0 iStil'S 

984 994 0 +OV 15-04 

1024 1024 -04 +04 16.79 
101V 102V -04 +04 15.26 
994 1004 -04 +04 1»-{£ 
344 344 0 +04 14.52 

38 884 +04 •‘■04 ^ ^ 

100 *- UW 4 -04 J -04 15^9 
26*- 27 -04 +04 14-M 
244 7flV 0 ”04 1*.91 
1014 IP’V -04 +^> J 8 -® 
otl ?? — O 3 ^ — 0-j ^5.64 

^t-04-0415.75 
CT 7 ’. *VT 7 , n — 0 I r 
364 764 “04 J - r ;- JJ 
984 994 -04 —04 15.70 
nwv 1014 -04 +04 14-*; 
102 102*1 0 +04 16-77 
eq*. ‘004 +04 J ' ni : M ^ 
1024 10 ’V - 0 *. » 15 90 

W, 10 S 4 0 . +0V1B-P5 
984 884 +04 +04 15.P5 
1034 1034 -04 +0415-"0 
1«>4 W*4 -04 +04 V 89 
1024 1074 “04 -04 16-92 
»4 214 0 +0416.15 

, W4 994 -0*. +04 16.28 

1 M4 2EV 0 -*-"416.08 

1 1034 1034 —04 +04 15.30 

; W 1034 +04 

) 984 384 -04 -0416.20 

r 9P4 1004 0 +04 15.6S 

> W*, M4 -‘04 “ r ' 

5 1014 10-4 0 +JJ', 

^ 984 994 -0+ n ,5 - 5 l 

; 1 Q>, ro-v +"4 +>4 1* PS 

5 10?" - 103 -0*- - L 0‘- * . 

* 10141014 -*■04 +**4 15-6“ 

S 100*, 1014 +04 +C4 V P 
O 384 984 0 +0415P4 

0 1004 101 +04 +1 15-02 

On day 0 on week +04 


Monrri.1 17. »«•••- 
Ni. Bk. Ca^^g g -g 

ssrsss III 3 

Tranaalta 17 89 ^ _ 

U. Bk. Nwy. 94 90 BiA 1? 
Algernons Bk. 10V * J J 
Amfas Group 1^ * 2 

Amro Bank 1Z 86 FI — 

Amro Bank 12 86 F» - “ 

SSSteiA" 

Beneficial 16*4 » E : 20 

BNP 134 91 C - 

ass s 

Strain Walker 144 86 E » 

PrivAthanknn l a 4 88 E... 1 

Quebec 154 87 E ...... » 

Reed (Nd) NV 15V 89 E 2 
Royal Trustee 1 14 8B E... >■ 

ROB France 154 92 E-. | 

Swerl. E*. Cr. 13V M C 2 

Eurofima 1Cf4 S7 LuxFr... » 

EIB 9V 88 LuxFr 60 


i Sfc 1 ? Jk 
S 0 + ?5!:S 

1 dv 0 +0 

5 • 

% 10 S 1 S + S£JES 

b Aa+fSsis 

? S 5 -S :£.;*■£ 

1 I: 

s 

U S^SlT’J&'iKS 

1 T’s'jatsss 

3 asSiiSjS- 


FLOATING RATE 

Bffi« - toTs 
siwsrsfe'iS ft 


■re" 


0*4 S84 wvwrro 

04 99 90V 29/4 17.* ^ 


Bank Nova Scotia 5V 93 


98*i » 10/& H-V+711 

«n DHL HU ; TZJOB V' 11 


BFCE 54 88 

BFCE 5*4 87 

CCCE 54 2002 ■■■■■■■•; ■ 
Co-Ban Eurofin 64 “*■ 
Credit Aoricole 5*, 97 


C.edit Lyonnais 54 97 04 


Credit Nat. 54 96 -- - — - „ WA ite-"* ’"'i" 

Denmark. Knndm. of 82 04s 88, SB\ «.B« 

Den Norsk® Crod. 54 93 04 “ 

asrscs .Si Si S^-SS-BS- 


994 994 29/A: 1W» V-1* 
954 99V 26/4 1694 «■« 

Si 

si 


BaacodiBcmm 


jUgemane Batifc Nededand N.V. " 

T^natunal BadcBEOsae 1 LmtibertN.V. 


Banle lam Int flTn e tina e l Md- 


Tiiliimafinnil 


Brat quarter * 

Net profits 10 - 87 ; J" 

Net per sham U 


10.67m 10.57m 
1.38 1-39 


DEUTSCHE MARX 
STRAIGHTS h»ue< 

Australia 94 91 “5 

Australia 9V 91 

Beigelectric 11 9J - -- 1® 
Como. Tel. Eso. 104 92 1» 

Denmark 10 ffl 100. 

Denmark 104 92 ™* 

EEC 104 33 WO 

EEC 54 96 20° 

EIB. 9V 88 ■■” ■■■•■ “ 


Inter-American 104 91 WO 


POTLATCH 


B^deEarbol dec Payola amqtmWmms 

^-r^lUnk Berliner 


^taring Bxofhers ft Co«i 


nnflWedadWm* 


Bergen Bank 2/9 


Casanova ft Co. 


QlUB 

ItfStad 


CiiiiniMli ilienV 


First quarter 

Revenue 

Net profits- 

Net per share 

PPG INDUSTRIES 


201.3m 218.5m 
4.48ffl 7.35m 


Ireland 10V 1 M ™ 

STS. Dnm ‘- 

Nacnl. Financiers 11 £0 15a 

Mel. Wert- f« '« 12” 

New Zealand SV 89 ... ZOO 


OKB 10*. 91 1|0 


Betimes: Bar* 
jjBjmgwTlirixitr 


CcsifineaiialfillnDid 

Lmttxl 


Crddil Tn+ I ‘ MJ ** Ctmuamaal 


Credit Lycnnms 


dsditxnxtaMankyeteoi 


First quarter m ^ 

Revenue 

i 1 .?.?™"?..: a iS iS 


PaMdU. Sanyrote tem ' tinn B l 


Sahn Europe 

LaeMt 


Dresdner Bank 
J,V— - ft— ■T»e* || fc 


£H«ctanbanl:-W»ibarg 

JUaaaamdlieteft 


Den aotdea C mriUh a n k 

£ ara peanBaEld&g Company 


Deatsdbe Barit 


DC BANE 


OKB 9V 86 

fluabec 104 92 .... .•■ 
Ouohec Hydro 104 91 • 

Tauamauiohahn S 1 ! 94 


Net profits M- 1 "* 

Net per share _ 


Change on 

Issued Bid Ofler day ««* 
rmn 103V 1064 0 +04 8-77 

200 1034 1044 -04 +04 8.76 

100 106V 1054 -04 0 10.« 

[ 10O 1004 IOWi 7^« , QV. 9 S 

Ufi 1014 102 +04 +04 9.59 
To ffiw. 0 +04 8 ^ 

■TOO 10*4 106V -04 +04 3.67 
200 102*i 103 0 +04 J:*® 

' ro 1014 1024 +04 +04 9 » 
i -vnu 1054 106 +04 +04 3.30 
1 to Kl02V 0 +04 9^ 

1 to 1024 1034 +04 +14 lO.ffl 
i TO 1024 W34 +04 +04 10.P2 

_ ,e n 1004 1004 —04 +04 10.01 

0 S ISSlSS-K+ft i u 

' an 1044 1054 -04 -0 2 8.80 
' «n 1064104V -04 +04 S.7Z 
TO 103 1034 —04 -04 9-06 
• S 106*i 1084 -°V+1 3 ‘ 2 « 
" 150 1C»4 1°84 -04 “TV 9-^0 

« to ssyiftiRta 

■■ SS 1MVHBV 0 +» ®-« 


« E 

InH *an?n 54 88 04 99 **4 

IWi Cn-nfin 5*. 93 ... §£ W. 

LTCR .'^orn 5*- 89 04 ^ "3 

Int. Fin. 9 91 ... 0*. Wa 
Nat. Weil Fin. 54 91... SOJ*. 99V ^1 
Nippon Credit S*» 90 ... 04 •• » »4 TO 

Nordic Int. Fin. 54 9U- ©4 WV ^ 

OfTshorc Mining ^ 91 SJ* Sj 17/ B . WVi 

FKbanken 5 91 ■”■■■■■■•” &9MV : *S|2n- 

Sanwa Int Fin S*, 88... V* -154 

Scoiland int. 5*. 92 04 98J: Si.aij/S.'IlSV.iSi? 

Sec. Pacific 54 91 ©*■ ®V 

Societe Genorale 54 95 984 99V Iff 13^1 

Standard Chart. 94 91 04 9ft, X T#J8 

Sumitomo Fin. ft 83... ft f«V 
Sweden 54 89 ■■■■■•• 04 

Toronto Don, in n 54 92 ft 99V Sftl 
Average price changes... On day . 000 


874 15.68 


»V 994 « 8 -TO* , 3- *i 
99 89V jKe 17.28 


Sv ss'ssa 

9ft "*2£;%a & 15 


E 




99 • 994 TO/8 •:»»: 
984 99*. Z/B TO- , 


04 98V »V9fi/fi;i£?-iMB 


SB's 1P.15* 8 

9y, 3ft 11/8 J?. 

n mi view »•-■■■. 


CONVemBLE cnv. cnv. 

BONDS 6 pta P pOT 

Ajinomoto ft 98 7, nr '- 833 

Bow Vallay Inv. 8 95 . . 6/81 23.12 
Bridgestone Tire ft 96 3/82 670 

Canon ft 95 1/81 829 


,aiS* I 


*y 


of 


idioi 

nrii'O n' ;V 




«&(«!( 1 r 


Cnv. Cnv. Pram 

date pnee BW ^-19 


mi «£L -HPa *’m 

o 60-a 




Canon b-'» so „ . n 

Doiwa Secs, ft 96 12/81 S13.3 181: ® J 12# - 

Fujitsu Fence 64 98 10/81 5661 W4 -^.12 ' 

Funikawa Efcc. BV 90.., 7/BI 3)0 W -2. -14BS 

Hanson O/S Fin. 9*; 96 8/81 1.M +77 78 

Hitachi Cable ft 96 .... 2/82 515 73V 76« 2 .z0 ... 

Hit.ichi Cred. Cpn. 5 96 7/81 1612 714 7* S j,*/ 

Honda Motor ft 97 3/82 861 7ft TOV .^aaXf .- 


Pog2 taleniadoMl Fhante 


Tiilemiifrr - 11 ‘ rjM - 


raytheon 


Venezuela 114 « RSk Q +0V 9-1 

WOI A«ragepr«™ ■ «"■ ** m ^ +0> * 


Honda Motor ft 97 3/82 861 7ft TOV 

Inchcape 8 35 2/31 +2, . Si -14 

Kawasaki 5V 98 9/81 229 65V £4 .8.10 

Marui 6 96 7/81 866.6 93 ,8ft + 1 

Minolta Camera 5 96 ...10/81828.6 5ft Jr TO.W 




HanbrMBenk 


EjUSaamOl & Co. 
Unttl 


The HongtamS Bank Group 

^FertegoTrad^Co^ 

. , L*nHtp«.Btaubi*aIiWi 


Pea body h tetnetirii il 
listed 


Etenworl. Bonsoti 


LazmlBro&erS & Co.|I*L 


T^rarri FrfaM * Oe 


First quarter * 

Revenue 1 4 f Z J( b " 

Net per share U -Ti 

REPUBLIC NEW YORK 

1982 


1882 1881 
S 5 , 
1.42bn 1-31 bn 
73.4m' 73.2m 


SWISS FRANC 
STRAIGHTS 


I^cvdnn h Cotmncnlal Baflkm* 
Uaded 


UCT International 


First quarter 

Net P'ofi“ 

Net wr ehero .. 
rubbbimaid 


16.62m 17.81m 


B-MetderaeAUnbA &Cck. 


First quarter 
Revenue 


1382 

S 

88.9m 


An sett Transport 74 ® * 

Asian Dev. Bank 8 ® 88 

Australia ft 93 700 

Balqeleciric 74 80 

Bell Canada 74 S3 .■■■■ 1™ 
Bet. de Autooistas 8 90 rr 
Co-oo. Denmark ft 82 

Denmark 7*4 91 Jr! 

EIB 74 92 J* 

Eler. de France 7 32 — 

First Crty Fui. 84 92 --• 


Change on 

Issued Bid Offer day week Yield 
TO*. 1034 -04 “ft 7.01 


Mmana uimera o so ...wreitwn.H w tw.w 

Mmorco ft 97 S/S?. 8.18 W ' Slj, 3 O .*. 


Muram ft 86 7/S1 21 B8 534 ^.TAi* -TJ^ 9 

NKK ft 98 7/81 188 .£» ■ Jfc . fi.<« 

Nippon Chami-C. 5 91. ..10/81 919 S*- 5* -14 O' 4 * 

Nippon Electric ft 97... 2/82 846 774 TO a9 7 

Orient Finance 54 97 ... 3/82 1205 824 83V JJ 

Sanyo Electric 5 98 10/81 852 ■ 6ft -£l^ - ^,0J3 

Sumitomo Elec. 5*i 97 .. 3/R2577.3 7BV ®* _,l J.45 
Sumitomo Mat. 54 95.. .10/81 296.1 6 ft «V *4 , 0.17 
Swiss Bk. Cpn. 64 90... 9/90 191 .flft' J ; “ fiJ9 
Konishiroku 6 90 DM ... 2/82 feSB 99 TOO ^ 
Mitsubishi H. 8 89 DM 2/82 263 934 9ft -TV 

• No information available— previous day’e P nC *' 
t Only one msrket maker suppilod » gjflh* 


I rifBV ■ ■■■■ at 6M 

Jboch Air Linfla 7\ 91 1W 


KbsgBZi Ouuaniy ltd 


Tntrrnldfa ail 


jjorcfic Bank ESC 


^USqte & Draw 


C hiumwl e 


•Sam tSfenan 




«Smap a Coates 


Harris ?pbaai &C&. 


SocUteCeoadtee 


faa&it SSqnaaaho d® Bea® 8 * 


S 0 UH 4 TnxribdE Se Co. 


Smiffi'rno 


Net profite 

N et per ehare 0-°* w -°r 

TELEDYNE 

" 1882 . 1981- 

a* 4% 

Net per share 6.62 »-«l 

TODD SHIPYARDS . 

— 1961-82 1980« 

Year _ * 


Manitoba 7 92 
National Pwr. Co. 8 tt- 


Ninoon T. and T.6VS2 TOO 


OKB TV 92 ■■■■■ "—• 

Oal. Doneukralt 7 w — 
Obi. Postepar 74 92 — 

Ouehec 7V 92 " 

Saint-Eiienno 84 ©1 — 
Soc. Lux. de Cnt. 8V 92 
TNT O/S Ftn. 8 91 -•■ 


Transesnada Pipe. 7 94 1™ 


Undever NV 74 93 
World Bank 8 91 -■ 


ti/tom end TOtefea n k 
Ff 1 — II 


j.Vonidbalfc Co- 


71 6.9m 81 0.5m 
31.7m 23.0m 


Average price chans®* 


B 1044106 "ft -ft 7.23 
0 .1064 105 -04 "ft 8.15 
n 102 1024 -04 —04 7.18 
9 108 1064 0 +ft 8^« 

0 1004101 0 -04 7-85 

1 1034 106 -0V -ft 7.80 

n 100*1 1004 “04 “ft 7-15 
J w! 102 -04 +04 8.97 
o 1014 101V -0*1 -IV 8.76 
u 101 1014 -04 -04 7.81 
25 102 1024 0 “ft 7.83 

m 1054 1054 o -ft 6.67 
DO 1054 106V -04 -ft 8-|7 
JO 102V 103 0 +04 7iri 

qo 103 1034 -ft +04 6.VT 
00 1034 1034 “ft "J, . 2*2 

00 1014 101V “ft "°V 6-78 
00 102 102V -ft 0 7.18 

m 106 1064 -04 “ft 6J9 
£ tIOS 1054 +« “04 7.70 
£ 1034 10ft -ft -IV 7.49 

50 10S4 108 -04 “ft 7.12 
tJ, 1Q3' 1034 0 -04 0-61 
S 106V 10F. 0 -ft 6 « 

TO TO5V 1054 -ft +ft 7.T7 
, On day -0V on week -ft 


»** S74 ” Bi4 a 


wr*. •• it. a.e» . 

774 TO JJ o*97 
824 83V “IV hjj . 

TV. "L T.f- . 

Su’Ss+Sy ^ 


Straight Bonds: The yield is the yield to.f6de m Pp. n ufrt ncf 
mid -pneo; tho amount issued Is' in million*.®* hillions. 


in biilW* 5 ' 


unite except for Yen bonds where . 

Change on week** Change over price a od*®*' 

Qotlntr Rate Notes: Denominated in dollere u ^ 9 w»-DatD 
vHsa Indirated. Conn on «hown ifl mlellFom- c V, shove 
next coupon becomes effective. -SproadteMera 1|flW n 


TVhtz&CPi 


Wood Chmdy 


Nat per share 

U-S. BANCORP 
First quarter 


Net profits"-.- 
Nat par ahare 


O r —"C-T 


.. 0.01 

649 

* 

S 

1982 

1881 

... 13.04m 

17.25m 

0.73 

0.36 

— 


. 



YEN 8TOAIGHTS 
Aslan Dev. Bk. 84 91 ^ 
Inr.-Amer. Dev. 8V 
Japan Airlines TV 87 -•- 
New .Zealand 8V 87 


ehongaon 

issued Bid Offer day wwS Yiate 
IS 1004 1014 +ov +ft a.w 
IS 1024 1024 +ft +04 |^7 
o S74 9ft +ft +04 8-62 
1? 1004 1OTV +04 +ft 

20 100 100*4 0. • ©• 8^1 


"""LEiW-M-- Ond,r+W.«.™l. +«. 


‘ Six-month offered rate (* three-month? 5-^v'Lumo?'- 
- -rate) for U-S. dollars. C.cpn-Tba 't*1**T 

C,yld™The current yield. , . 0 rtat- 

ConvartibtB Bonds: Denominated in do 11 MS un i^ s jjte- 
wise indicated. Chq. day^Chonoe on day. ( y , ” B p c er’ 
First date for conversion Into ehares. . a '■ ip . 
Nominal amount or bond per snare eaP*®” tal ue 
currency ol ahare at conversion- rata fix« ■ 

' Pram -Percentage premium ol tho current eff*** 

* of acquiring shores via fffe bond over the i"P.. 

price of the shares. ' __^ r- ‘ 

one Finahcldl r, met Ltd... 1982- 
. S in pa«. in any fomr 
consent. Date supplied by;DATASTREAM.I f ** m8 


r.’^r “T'T? 


... . . . 

.. V-.' 





j're-iv*' 







FlnaiidaJ Times- Friday April 16 19S2 

Companies 


25 


sa INTL. COMPANIES & FINANCE 


Opel slides deeper into the red 


BY KEVIN DONE IN FRANKFURT 

tJPEL, Vfest. Geman subsidiary 
of General Motors of the U.S.. 
slumped to an aftertax loss of 
DU 592.8m ($245m) last year. 

The company sees no chance ul 
returning to profit before 1983. 

In spite of lower car sales in 
the West German market higher 
exports allowed Opel to 
increase Its total vehicle pro- 
duction modestly by 3 per cent 
to. S16.64S units. But output 
remained far below toe 1979 
level of 968.466. 

The company fell deeply into 
lass in 1980 for the first time 
for more than "30 years with an 
after-tax deficit of DM 410.8m, 
but the position worsened 
further last year under the 
pressure of rising interest pay- 
ments and an ambitious DM 6bn 
capital expenditure programme 
ahmehed in 1977. 

Opel has been forced to hold 
down its prices and improve 
model specifications to counter 
Japanese competition and it has 
been able to maintain, market 
share only at . the cost of 
narrower margins. Operating 
losses jumped to DM 555m from 
DM 460m‘ in 1980. 


OPEL AT A GLANCE 


1981 

DMm 

1980 

DMm 

Turnover 

(Less)- 

Capital spending 

10,090 

59X8 

1,060 

9,200 

(4108) 

1.410 

Production • 

814,648 

79X800 

Share' of German 
vehicle output 
Share of German 
car market ■ 

1A2% 

10-4% 

UJ% 


Herr Ferdinand Beickier. 
OpeTs new chief executive, said 
the group hoped to considerably 


reduce its losses this year with 
the aim of returning to profit 
in 1983. 

It is optimistic that it can 
push through its second round, 
of domestic price increases in 
less than four months— a rise 
of 3.8 per emit in April has 
followed a 2.5 per cent price 
increase at the beginning of the 
year. 

In the first quarter of toe- 
year it has managed to boost 
its domestic market share to 
19.2 per cent from 16.1 per cent 
in the same period last year, 
helped by the successful launch 
of the Ascona. It worked at 90 
per cent of capacity in January/ 
February compared with 81 per 


Tent for the whole of 1981 and 
78 per cent in 19S0. 

Opel said it is hoping to 
increase total domestic sales to 

416.000 this year, pving a 
market share of 18 per cent 
compared with only 162 per 
cent test year. It is aiming to 
boost European sales to 910,000, 
an increase of 14.4 per cent 
helped by big gains in France, 
Italy, Belgium and the 
Netherlands. 

It is introducing diesel- 
engine versions of the Kadett 
and die Ascona. to try belatedly 
to lake advantage of the boom-, 
ing demand for diesel-powered 
cars in West Europe. 

T&e Opel Corsa — GM*s 52 ba 
project to- develop a small car 
to compete with models such as 
the Ford Fiesta and the VW 
Poto in European markets-7-wiil 
be launched in France, Spain 
and Italy in the au tumn and in 
West Germany in the spring. 

GM’s- assembly plant far the 
Corsa at Zaragoza in Spain will 
have an annual capacity of 

270.000 cars and Opel will 
eventually hold a share of about 
29 per cent in GM Espana in 
return for work undertaken in 
developing the model. The 
shareholding arrangement offers 
.considerable tax advantages in 


West Germany. 

Opel's profitability last year 
suffered from having to carry 
the cost of prolonged short-tilde 
working in the first quarter, an 
expensive and largely unsuccess- 
ful sales promotion campaign 
as well as the start-up costs of 
toe Ascona front-wheel drive 
model. 

The group’s liquidity was 
helped by a DM 1.4bn loan 
raised last spring under favour- 
able conditions from the 
General Motors parent company 
in Detroit— the first time 
money has been raised on this 
scale from GM. 

Under the burden of 
generally high interest rates 
and heavily increased borrow- 
ing to finance its big invest- 
ment programme Opel’s net 
interest costs jumped, however, 
from DM 6m in 1980 to DM 99m 
last year, while depreciation 
charges rose to DM 855.Sm 
compared with DM 710m in the 
previous year. 

Opel lias passed toe peak of 
Its spending programme — 
capital expenditure is expected 
to total about DM 700m this 
year compared with DM l.lbn 
in 1981 and DM 1.4bn in 1980 
— which should help cut losses 
in 1982. 


W. German 
petrol 


price row 

By Leslie Colltt m Berlin 


THE big oil companies operat- 
ing in West Germany yesterday 
refused to attend a bearing by 
toe cartel office, which charged 
them with over pricing at auto- 
bahn service stations. 

The cartel office gave the oil 
companies 14 days in which to 
lower their prices. If they did 
not comply, the office said it 
would order BP. Shell, .Aral, 
Esso and Texaco, along with 
Agip, Conco, Fina and three 
small West German distributors 
to drop their prices by a specific 
amount 

The oil companies have 
denied charging excessive prices 
compared with service stations 
off the autobahn. They are not 
expected to react to yesterday’s 
warning by the cartel office to 
lower their prices by between 
1.6 and 5.4 pfennigs a litre. 

The case is expected to go up 
to the cartel bench of toe West 
Berlin civil court. The cartel 
office said that if the oil com- 
panies lowered their prices 
within two weeks it would not 
impose retroactive fines, which 
it could do under a provision 
introduced in January. 

The cartel office accused the 
oil companies of overcharging 
after comparing prices at auto- 
bahn petrol stations with prices 
at service stations on other 
reads. 

In 1976 the cartel office raised 
similar charges. 


Ship sales aid Nedlloyd results 


BY CHARLES BATCHELOR IN AMSTERDAM 


NEDLLOYD, the Dutch shipping 
group, reports higher profits for 
1981, and proposes raising Its 
dividend. 


Much of the improvement 
came from ship sales following 
the acquisition early Inst year 
of the smaller, KNSM shipping 
Use. For this year Nedlloyd 
exacts profits to decline. 

Net profit rose 16 per cent to 
FI 147m ($55m) on turnover 
which was 48 per cent higher at 
Fi 4.48bn (Sl.Sbn). However, 
the acquisition of KNSM means 
the results are not directly 


comparable. Nedlloyd proposes 
raising the 1981 dividend to 
FI 13 per share from FI 12. 

The profits improvement was 
partly due to better results from 
NedBoyd’s liner and offshore 
drilling activities as well as 
currency gains. 

Operating profit rose by 
13 per cent to FI 235m. Profits 
on the sale of assets more than 
quadrupled to FI 82.9m. Net 
interest charges rose by 52 per 
cent to FI 114.3m. 


Nedlloyd earlier said that the 
acquisition of KNSM would 


have “no impact” on its 1981 
results since the benefits would 
offset the costs. Most of last 
year's improvement came in the 
first half. The company’s Ned- 
drill division made its first 
contribution to profits. 

Ned drill, which up to now has 
made a string of heavy losses, 
was expected to make a “con- 
siderable contribution ” to the 
1981 result. Nedlloyd sees this 
division, which carries out 
hydrocarbon exploration under 
contract, continuing to expand, 
helped by the introduction of 
three new jack-rigs. 


CIGNA Corporation 


■hasJbeen formed by the -combination of 


Connecticut General Corporation 


and 


INA Corporation 


We initiated this transaction 

and acted as financial advisor to both 

INA Corporation and Connecticut General Corporation. 


Goldman, Sachs & Co. 

New York Boston Chicago Dallas Detroit 
Houston Los Angeles Memphis Miami 
Philadelphia St. Louis San Francisco 
London Tokyo Zurich 


joldman 

Sadis 


April 6.-19B2 


Amev tops forecast 
and boosts dividend 


BY OUR FINANCIAL STAFF 


Bank of Cyprus 
lifts earnings 


By Oar Financial Staff 


THE BANK of Cyprus group, 
the island’s biggest banking 
organisation, had pre-tax profits 
last year of Cyprus £3.1m 
(S6.64m), nearly Cyprus 
£410,000 more than the previous 
year. The annual meeting of 
shareholders approved the 
board's recommendation of 4 
10 per cent dividend. 

Mr George Christophides, 
chairman of Bank of Cyprus 
(Holdings), said the group 
would soon be opening an office 
in Athens, making it the first 
Cypriot bank to extend its busi- 
ness to Grece. 

The bank's UK branch had 
increased its operations last 
year, but iLs profits of £45S,000 
sterling were down compared 
with 1980 “ because of inflation 
and low interest rates.” 


AMEV, the big Dutch insur- 
ance group, reports a rise in 
net profits of 18 per cent — 
three points ahead of forecast — 
for J981 and is stepping up its 
dividend. . 

Group revenues are 15 per 
cent ahead at FIs 3.S3bn and 
this has helped push up net 
earnings to Fls 163.6m ($61m) 
from Fls 138.6re in 1980. The 
cash dividend is going up to 
FI* 7.40 a share from FU'6.80. 

Amev has added Fls 5m to 
risk provisions on property 
development. 

Gross profits from life assur- 
ance grew by 13 per cent to 
FI 140.9m and from non-life 
insurance by 18 per cent to 
Fls 73.2m. Other activities, 
which include property develop- 
ment and a mortgage bank sub- 
sidiary, showed a 28 per cent 
decline in gross earnings to 
Fls 15.5m. 


Total income from life assur- 
ance premiums rose 12.7 per 
cent to Fls 1.39bn and from non 
life premiums by 11.8 per cent 
to FIs 1.06bn. Income from 
investment related to insurance 
activities increased by 17.9 per 
cent to Fls 944m and from other 
activities by 31.3 per cent to 
Fls 432m. 


Following payment of an 
interim Fls 2.60 dividend, the 
remaining final dividend 
Fls 4.80. Shareholders may 
take cash or shares. In addition 
a stock dividend of Fls 0.50 
per share will be distributed. 

This is the first time Amev 
shareholders have been given 
a choice of taking a cash or 
stock dividend. This policy is 
in line with the company’s 
efforts to increase capital and 
reserves as it continues to 
expand. 


Turkey and Aydin set up 
electronics company 


BY METIN MUNIR IN ANKARA. 


THE TURKISH government has 
combined with Aydin Corpora- 
tion of the U.S. to set up 
Havclsah-Aydin. a company 
which will make and repair elec- 
tronic eqrripmentfor the Turkish 
air force. 

The government-owned Turk- 
ish air force support foundation 
will have a controlling interest 
of 51 per cent in the venture. 
Aydin Corporation will own 38.5 
per cent with toe remaining 
shares held by the Turkish state- 


owned companies, TESTAS and 
TUSAS. Initial capital of Hat'el- 
san-Aydin trill be 87m but this 
may be raised to 530m 
The company will primarily 
address toe needs of the Turkish 
air force and it marks toe 
beginning of a sophisticated 
electronics industry in Turkey. 
It plans to provide almost all 
the avionics, radar and lele- 
commm unications equipment 

required for Turkey's civil and 
military applications. 


1 lus anncuiicemeiiL appears as a matter of recordPnly. 



Arab Asian Bank e.c 

US $20,000,000 


Floating Rate Certificates of Deposit 

Due Apfil,1985 


European Banking Company Limited 


The Arab Investment Company Caisse Nationaie de Credit Agricole 

SAA. 


Europartners Bank (Nederland) MV. Kredietfaank International Croup 

LTCB International Limited 


Age/tl Bank 

European Banking Company Limited 


j3p4TSS2. 


With Creditanstalt 

the greater the challenge, 
the readier our response. 



Our long banking experience puts us in an excellent 
position to tackle the most complex problems - and come 
up with swift answers. 

The way we tackle them is based on a simple 
philosophy: whatever the size or type of business, we 
provide the same high standard of fast, efficient service 
tailored to our clients' needs. 

Creditanstalt is Austria's premier domestic bank, with 
90 of the country's top 100 companies among our 
customers. Last year the CA Banking Croup supplied 
approximately 25% of the total loans made to Austrian 
industry; we arranged over 40% of all exportfinancing- 
evidence of our commitmentto providingthe best in 
•Austrian banking. 

It's natural that the country's leading domestic 
bankshould extend its seryices-apd employ iLs 




U hite play* and mate* in A moves 

experience in the area of international finance. And no less 
natural that it has become a leader in this field, too. Today, 
one third of Creditanstalt's business is international. 

Our services are given extra muscle by our direct 
presence in London, Buenos Aires and Budapest, by our 
involvement in international joint ventures and our 
membership of EBIC. In fact, Creditanstaltcan offervou 
access taevery important financial centre. 

Whetheryour needs involve foreign exchange, 
specialised non-recourse exportfinandng. advice on 
international trade, Euromarketfinancing or portfolio 
management; you can be assured of a consistently high 
standard of service and expertise 

■ For the answerto yourfinandal problems- or the 
solution to the puzzle above - contact Creditanstalt 
Well respond readily. 


Creditanstalt 


Austria's leading international bank 

Qedtanstalt-B2nkvereiaSdiottfingsB5e6, A-1010 VienriaTelephone: (0222) 6622-1221. Telex: 133030 
London Branch: 29 Gresham Street, London EC2V 7AH. Telephone: 01-726 45TL Telex: 8894612 









NEW ISSUE 




These Nates having been sold, this rnmauncemaU appears as a matter of record 6nfy. 


U.S. $100,000,000 


Allied Irish Banks Limited 

( incorporated in the Republic of Ireland under the Companies Act* 1963) 


APRIL 1982 



Floating Rate Notes 1992 

Subordinated as to payment of principal and interest 



Credit Suisse First Boston Limited 


Allied Irish Investment Bank Limi ted 


Banque Nafionale de Paris 
Deutsche Bank 

Akt icngcsellschaft 

IBJ International Limited 
Nordic Bank Limited 
S. G. Warburg & Co. Ltd. 


Merrill Lynch International & Co. 

Chase Manhattan Limited 


CIBC Limited 


Girozentrale und Bank der dsterreiduschen Sparkassen 

Akfieagesellfidiaft 

Manufacturers Hanover Limited 
Society Generate de Banque SA. 
WestdeutscheLandesbank Girozentrale 



This announcement appears as a matter of record only: 

A 

U.S. $75,000,000 

Amax International Finance Corporation 

16%% Guaranteed Notes due 1992 


Unconditionally Guaranteed as to Payment of 
Principal, Premium, if any, and Interest by 


AMAX Inc. 


Lehman Brothers Kuhn Loeb International, Inc. 


Amro International - Banca del Gottaido Banque de Paris etdesPays-Bas 

Limited 

County Bank Credit Suisse First Boston Goldman Sachs Intemarional Coip. 

Limited Limited 

Hambros Bank Orion Royal Bank Salomon Brothers International 

Limited Limited 

UnionBankofSwitzerland(Securities) S. G. Warburg 1 & Co. Ltd. WestdeutscheLandesbank 

Limited Girozentrale 

April 


Swiss Bank Corporation International 

limited 


Credit Suisse First Boston 

Limited 

Orion Royal Bank 


Banque de Paris et des Pays-Bas 
Goldman Sachs International Coip. 
Salomon Brothers International 


These Notes have been sold 
This announcement appears aa a matter of record cn&. 


New Issue 


April 1932 


Istituto per lo Sviluppo Economico 
deiritalia Meridionale 



U.Si$75,000,000 
Floating Rate Notes due 1989 


FIRST CHICAGO LIMITED 


DAI-ICHI KANGYO INTERNATIONAL UMTTED ■ 


BANCO DI NAPOLI SUMITOMO FINANCE INTERNATIONAL TAKUGtN INTERNATIONAL 
INTERNATIONAL SA. BANK (EUROPE) SA. 


ARAB AFRICAN INTERNATIONAL BANK 

KREDIETBANK INTERNATIONAL GROUP 

STANDARD CHARTERED 
MERCHANT BANK UMTIED 

BANCA DEL GOTTARDO 


ITALIAN INTERNATIONAL BANK UMTIED 
LONDON & CONTINENTAL BANKERS LIMITED 
UNlONDEBANQUESARABESETFRANCAISES-UaAE 

BAHRAIN BRANCH 

YOKOHAMA ASIA LIMITED 


BANQUE INTERNATIONALE DE GESTION ETDETRESOBEBIE^IGT 


AL AHLI BANK Of KUWAIT KSC 

CREDIT INDUSTHEL ET COMMERCIAL \ 

MITSUBISHI TRUST & BANKING CORPORAUcf! EURQHSJ SA. 


MMTOARBGRGBRINKMANILWIRTZ&CCl 
KYOWA BANKNEDEHLAND NV. 

SOHSUMIILD 


Financial Times Friday April 16. I9§2 

ISES» INTL. COMPANIES & FINANCE 


Japan al uminium stake for CRA 


BY IAN PERKIN IN MELBOURNE 


CRA, AUSTRALIA'S third 
largest company, has taken a 
giant step beyond the concept 
of the further processing of 
local resources with .a plan to 
buy a SO per cent interest in 
Japan’s second largest 
aluminium company. 

Sir Roderick Carnegie, CRA’s 
chairman, said the group, which 
is 57 per cent owned by RTZ of 
the UK, would pay Y25bn 
CU.S.SlOOm) for a half share in 
Showa Aluminium Industries 
KK, the alminium arm of the 
Showa Denko group. 

The proposed purchase is a 
major breakthrough for local 
resource-based companies and is 
the first time that an Australian 
company has made such a large 
direct investment in a Japanese 
concern. 

All the money for the deal 
will be borrowed by CRA in 
Japan from local banks through 


the Industrial Bank of Japan. , 

The deal will give CRA a 
SO per cent interest in a com- 
pletely restructured company — 
Showa Aluminium Industries — 
with assets of A$650m 
< U.S. $67 am) including A$200m 
of equity capital and A$450m in 
loan funds. 

It will also give Comaico, 
CRA*s 45 per cent owned asso- 
ciate integrated aluminium 
producer, preferred access to 
Japan for sales of aluminium to 
Showa Ahimamum Industries, 
provided Conutico remains world, 
competitive. 

Comaico said it had readied 
agreement with - Showa Denko 
and Showa Aluminium Indus- 
tries for a long-term contract for 
the supply of primary, aluminium 
metal for Which CRA wfll 
receive a commission. 

*■* The supply of metal from 
Comaico to Showa Denko links 


Australian mineral and energy 
resources processed In this coun- 
try to the markets of Japan, to 
the mutual advantage of both 
countries,” a Comaico official 
said. 

Comaico has 3 huge 
aluminium metal expansion pro- 
gramme under way in Australia, 
the most -important part being 
the A?600m Boyne Island 
smelter near Gladstone in 
Queensland. The first stage to 
produce 103,000 tonnes of 
aluminium a year has just been 
completed, with Comaico taking 
the major share of the produc- 
tion. 

It also has the right to take 
83 per cent of the second stage 
output of 103,000 tonnes a year 
and 100 per cent of the third 
stage, also 103,000 tonnes a year. 

In yet another major deal. 
Comaico also announced yester- 
day (hat its other 45 per cent 


UK loss hits News Corporation 


BY OUR MELBOURNE CORRESPONDENT 


PROFITS of News Corporation, 
Mr Rupert Murdoch’s multi- 
national media holding com- 
pany. were slashed from 
A$35.6m tU-S.S37.8nO to 
AS 18.07m in the six months, 
ended December 31. 

Profits before tax dropped 
from AS?4_07 tii to A$34~3m re- 
flecting trading losses in tbe UK 
News International, the UK 
part of the group, reported on 
Wednesday a reversal from a 
A$20.8m profit to A$5.2m loss 
for the half year ended Decem- 
ber which excludes results from 
the New York Post and otiier 
publications outside tbe UK 
News Corporation said the 


UK reversal resulted from three 
factors — the Times Newspapers 
trading loss, large losses on the 
newly-launched magazine supple- 
ment to the News of the World 
and heavy investment in pro- 
moting the Sun. 

It said it believed that all 
developments would lead in tire 
longer term to better results for 
the group. 

News Corporation’s result in- 
cludes equity accounted shares 
of associated companies, in par- 
ticular Ansett Transport Indos- 
tries, but exdudes interests 
attributable to minority holders 
in associate companies which 


rose to A$808,000 from 
A$707,000. 

Turnover for the half-year 
climbed 17 per cent from 
A$518.2m to A$607.4m. - The 
result excluded extraordinary 
profits of A$5.30m against 
A$ 14.1m. 

News Corporation’s tax bill 
was cut from A$34.7m to 
A$15.4m while interest costs 
rose from A$16.1m to A $2 4.9m 
and depreciation from A$7.5m 
Lo A$9.3m. 

« Earnings per share were 
down from 43 cents to 22 cents- 
As previously announced, a 
steady interim dividend of 5.5 
cents a share will be paid. 


Higher yen swap limit for foreign banks 


BY RICHARD C HANSON IN TOKYO 


FOREIGN bank branches in 
Japan are being given higher 
ceilings on tbe amount of 
foreign currency they are able 
to swap locally to raise yen 
funds. . . 

Unlike past increases, how- 
ever, the Ministry of Finance 
will grant the new limits on a 
case-by-case basis rather than 
across the hoard. 

Foreign banks which have 
been active lenders of yen are 
generally being favoured -with 
large increases ranging up to 
more than 50 per cent of their 
current ceilings. The rises are 
being calculated partly on tbe 
basis of the ratio of yen loans 
to a bank’s swap peiting. Recent 
arrivals in Japan, therefore, are 
less likely to get an increase 


than long established banks. 

A number of Japanese banks, 
whose swap limits in general 
are very small, are also being 
given requested increases. Most 
of these requests have been 
from small and medium -sized 
banks. 

The swap scheme en average 
accounts for about one-third of 
the yen funding needs of 
foreign banks-, operating in 
Japan. It is less important than 
in tiie past, when -other means 
of raising funds were tightly 
restricted. But the system 
gives foreign banks some 
advantage over Japanese banks 
with small swaps when market 
rates are favourable. 

The old ceiling was set-in 
December 1980 at about 55-6bn 


for the foreign banks as a 
group.* The Finance Ministry 
says that over the past year it 
has received about two dozen 
requests from foreign and 
Japanese banks fan larger swan 
limits. 

Since the new swaps are 
being negotiated with each 
bank separately, there is no 
estimate available for how 
much tbe overall swap ceiling 
will rise after all the, requests 
are met. The Ministry declined 
to say how much on average 
the increases have been. 'More 
than 70 foreign bank branches 
operate in Japan. 


shareholder, Kaiser 1 
of the US., had agreed to fib. 
cuss arrangements to buy metal " 
from the company on a-amil*- 
basis to that igrte&WittSteii- 
Alianirnmn-' 

Showa Aluminium at prewj&t 
uses about 200.000 tonne* # 
aluminium a year and is looldiig 
for substantial growth la & 
requirements in the future. .. 

Our Tokyo Staff adds: Japan’s ' 
depressed aluminium industry, . 
unable to compete economically 1 
because of high energy costs, Ls - 
through a drastic rationalisation 
programme. Capacity has ten 
reduced from L&m tonnes y. 
year to about tonnes and 
should fall to 700.000 tonnes by , 
1985. 

Tbe cost of smelting, 
aluminium is so high that the 
industry estimates it loses 
Y100-.000 for every! tonne of 
production. , 


Strong advance 
at HK Electric , 

By Robert Cottrell in Hong Kong ' 

HONGKONG ELECTRIC Hold- 
ings, which supplies power to 
Hong Kong Island, has 
announced profits after tax for 
2982 of HK$61Llm (US$205m), 
63 per cent up on .' the 
HK$375.4m reported for 1980. } 
Attributable profits are down 
from HK$1.19bn to HK$611,lm, \ 
however, because 1981 Saw no k 
extraordinary -gains' against tbe 
HKS815.3m achieved' in 1980. 

The board proposes a final I 
dividend of 2S cents a share, 1 
making 29 - cents for the year 
against ah adjusted 21 cents in 
1980. Earnings per share are 
stated at 54 cents, an adjusted 
38 per cent rise .over 39 cents i 
in the previous year.. Turnover 1 
of HK32.1bh compared with 
1980’s HK51.38bn; "■ 


Top credit rating for 
Mitsubishi ip U»S. 

MITSUBISHI CORPORATION 
has become the first' trading 
company in the world to win a 
top triple A rating from 
Standard arjd Poor’s for its ,U.S. 
convertible A debe n t ure s due in 
1994 our To^yo Staff reports. 

Mitsubishi ‘.claims to be the 
largest general trading house in 
the world, wjtV worldwide sales 
of more tban tfjpbn last year. 

Only two Japanese companies. 
Matsushita Electric Industrial 
and Hitachi, • both electrical 
manufacturing companies, have 
been rated triple A so far In the 
U3L - 


Toncoro hampered by 
late start of new plant 

BY THOMAS SPARKS IN JOHANNESBURG 


TONGAAT COROGROUP 
(Toncoro). . South Africa’s 
largest brickmaker, was badly 
hampered by late commission- 
ing of a new plant in the year 
ended on March 31. Pre-tax 
profit declined to R28.1m 
from R2S.9m in the previous 
year on turnover which rose to 
R214m (S203m) from R173m. 

At the start of the financial 
year stocks of bricks were much 
lower than they had been a year 
before. However, the company 
hoped this would not affect 
sales as new brick-making plant 
was scheduled to be installed 
during the year. Mr Dick Kemp, 
the chairman, concedes that the 


new plant and equipment 
schedule was over-optimistic. As 
a result production levels were 
below expectations. 

Apart from the production 
constraints on sates volumes, 
demand fa the Natal and 
Orange Free State provinces 
weakened from December to 
March. Since the end of March 
these two markets have con- 
tinued to weaken. 

The total dividend has been 
increased to 33 cents from 3Q. 
cents. Earnings per share rose 
to 77.1 cents from 76.1 cents. 

Toncoro is 74 per cent owned 
by Tongaat, the diversified 
sugar, textiles and building, 
materials group. 


Istituto per lo Sviluppo Economico 
delTItalia Meridionale 


ILS.$75,000,000 
Floating Rate Notes due 1989 

In accordance with the provisions of the Notes • 
notice is hereby given that for the six month Interest Period 
fifom-AprU 15th 19S2 to October 15th 19S2 
file Notes will cany an Interest Rate of 15.75% per annum.' 
The Coupon amount payable on Notes of 
US. $10,000 & U.S. $100,000 
wfflbeUS. $80063 & ULS $8006.25 r espeett rafr 

Reference Agent Bank 

Italian International Bank limited 


AU of these Securities Twm beensold. This Ganozmcement app ears as a matter of rec ord only. 


NEW ISSUE 


April, 1982 


750,000 Shares 

Ames Department Stores, Inc, 


Common Stock 

($50 Par Value) 


Wertheim& Cosine. 


Badie Halsey Stuart Shields Tbe First Boston Corporation Bear, Stearns & Co. 

jbutspesstett 

Blyth Eastman Paine Webber Dillon, Read & Co, Inc. Donaldson, Lufkm & Jenrette 

2b*u*usteil Securities Corporation. 

Diesel B nrriliam Lambert Goldman, Sachs & Co. E.E Hutton & Company Inc. 

Kidder, Peabody &Ctu Lazard Freres & Co. Lehman Brothers Kofar Loeh 

laeorptfwud - - 

MerrfflL^WiiteW^CigMAfckets Group L. E Rothschild, Unterberg, ToTtbrn 
Salomon Brothers Inc Shearson/AmericanRxjir^s We? 

SmiihBame^^^raTTphain&Co. WarIrargPa3TbasB«iker DeanWitterReyrnddsfitc. 


Banque de Earls et des Pays-Bas 
Credit Commercial de France 


Baring Brothers SrCfa* . 

T.fmTW 

M. M. Warirarg-Brindanann, Wirtz & Co. 











27 


» r v. 



Binanclal Times Friday April 16 1982 


vi'irij, 


■'K \i 

IS 


?m:a 


s»l 






■ !&■ 


;ll <? 




l* 1 " 


iTKo INTL. COMPANIES & FINANCE 



I . 


THE SUBSCRIPTION last-year 
of $30m to. two Korean in vest- 
ment trusts- has set the scene 
for overseas investors to have 
another chance to buy into 
Korean . securities, this time . 
through a ■ close-ended Korea 
fund planned to oe set up in 
New York neset year. Although 
the Korean -Government aims at 
avoiding .. over-reaction to 
demand, new tranches this year 
for the two unit investment 
trusts are also in prospect. 

The Korean stock market, 
which opened' 1 to ' indirect 
foreign investment late last 
year, ~ds ' attractive : to ' foreign 
Investors because of its poten-' 
tial fOr long-term - capital 
growth. . 

Traditionally, the market has 
had difficulty in increasing the 
level of equity capital, because 
-companies were reluctant to 
open their shareholdings to the 
public. Todays exchange lists 
343 companies. -But > when 
founded in 1956, the exchange 
traded only Government bonds 
and 12 stocks. It lingered 1 in 
this way. until^the early 1970s. 
when Government measures 
virtually forced companies to go 
public. . - " V . ' 

The number of companies rose 
to 50 in 1971, gnd .first topped 
300 ini 1977. During that period, 
companies were offered tax 
benefits and special depreciation 
-allowances if they listed their 
shares for sale on the exchange. 
When few companies responded 
to these incentives, the Govern- 
ment ordered companies to 'open 
.their capital to the public. Com- 
panies' which refused were made 
snbject to unfavourable tax 
treatment and .denied benefits 
such as access to easier bank 
credit lines. . ' ' - 

The increased range of com- 
pany shares traded on the ex- 
change, stm has to compete with 
corporate and government bonds 
for investors attention. The 
economy; which: suffered from 
high Inflation, tight money, high 
interest rates, recession • and 
domestic political and - social 
problems in- 1979' and 1980, 
added to the appeal- of high 
yielding, fixed-rate bonds. 

- Regulations and the structure 
of the -exchange have made it 
difficult to float new equity 
Shares, since they must- he 
priced at a premium over, par 
value. 

New shares also; cany the- 
disadvantage of having to p ay - 
dividends at rates .sometimes 
artificially high:. .Because the 
Government authorities .. have 
tried to ensure that investors 
regard the market as a safe ! 
and productive haven for their 
funds, investors -are practically . 
guaranteed ~ a fixed return. 
Companies axe urged to Isspe 
dividends based, on the par 






SOME ACTIVELY TRADED STOCKS 

' • -- - 



SALES 

PROFIT 



1980 AFTERTAX 

COMPANY • . 

BUSINESS 

Sm 

Sm / 

Daelim Industrial : 

: Construction 

7«8 

. ‘47 . 

Dong-A Construction 

’■ Construction 

738 

46 

Samboo Owritructioo 

Construction 

208 

20 

Korean AirUaet 

Transport 

847 * 

46 . 

Hyundai Motor Co. 

Motor vehicles 

. 341 

79 . : 

Daewoo Industrial - 

.---General trading . 

1,418 

26 

SknsuqgCfectrMUc-- 

. . Electronics 

354 

' 8 •: 

Commercial Bank iff ' 




Korea- - 

Banking 

624 

. .. 47 

HannSank ] 

Banking 

591 

-.30 : - 

Korea First Bank 

Banking 

551 ‘ 

17 


value of their stock, at the 
same- percentage as the interest 
rate on a one-year time deposit 
A - company which declines to 
pay dividends falls into .the 
second tier. 

The Korea Stock Exchange 
is structured % into., two. tiers, 
as; are the Japanese stock 
exchanges, 1 with .' companies 
slated : in one or ' the other 
according to performance. A 
first-tier . company here must 
have after-tax profits in excess 
of 10 per cent of paid-in capital, 
the auditors' opinion must not 
be qualified in any material 
way on the annual report the 
company’s net worth must 
equal at least 90 per cent Of 
paid-in capital, and the com- 
pany must pay a dividend. 

The system was devised as-a 
service to investors so that th&y 
might better identify companies 
whkfli -presented more risk than 
those in the first tier. One result 
of the system is that companies 
are perceived as losing face in 
tins Gonfudan society if they 
drop into the second tier. This 
causes companies to issue divi- 
dends even if they do not have 
the earnings to back them, in 
order to keep their first-tier 
spot Ac the end of 1981, there 
were 216 companies in toe firm: 
tier and 127, in the second.' 

Seeing Doo Yoon, president of 
the- Korea Stock Ewhange, has 
indicated that as a developing 
market the exchange has to be 
strict, and cautious in its con- 
trols, .although he intends that 
they should be eased in the 
future. The modern . exchange 
facilities deliver much that 
computer technology has to 
offer, compiling hourly reports 
of the Composite Stock Index, 
trading and volume, as well as 
y gnaffing to regulators those 
stocks which have abnormal 
volume, or price movements. 
Stock prices are not permitted 
to rise more than a fixed 
amount Based on the previous 
day’s -dosing price, -and only 
certain shares are allowed to 


be traded, on margin. Estimates 
place margin trading' at 20 per 
cent to- 30 per cent of total 
daily .volume. 

If the market becomes over- 
heated.' as the Government' 
thought it did between May and 
July of, last year When stock 
.'prices rose 40 per cent in three 
months, Mr Yoon has stated: 
“ The exchange takes action .to 
cool it off.” At that time, the 
requirement for a cash down 
payment- to purchase stock, as 
opposed ‘ to using shares as 
collateral, was raised from 20 
per cept to 40 per cent. Normal 
stock transactions are on the 
basis of three-day settlements. 

- Last year is generally seen as 
a healthy one for the market. 
The Composite Stock index 
began January at a five-year- 
low of 122, but ended 56 points 
up; with the market value, of 
listed stocks at 2.96bn won 
(£4J2bn), to show, a growth of 
18.8 per cpnt 

- The Stock Exchange, a non- 
profits corporation with p add-in 
capital of 3bn won'{$4hn) is 

- owned 68 per cent by the 
Government, with the balance 
of shares held by 27 securities 
companies. There is no formal 
over-the-counter " - market in 
Korea. According s to the 
Federation of International 
Stock Exchanges, Korea ranked 
18th in terms of the. number of 
companies listed. 20th in terms 
of the total . value of stock 
traded, and 19th in terms of 
■ toe total value -of bonds out- 
standing, in -1989- 

The scarcity of Institutional 
investors following companies 
growth potential means toe 
market misses their stabilising 
effect and information services. 
Because dividends are taxed, 
but capital gains are not, small 
Investors create a lot of chum- 
in g in toe market turning their 
holdings, frequently. The 
average daily stock trading 
volume was 10.6m shares last 
year. -••••.. - 

The average .-daily stock 


trading volume was 10.6m shares 
. last year, up 87 per cent on 1980, 
for a turnover ratio of 79 per 
cent close to 700,000 individ uals 
and institutions hold shares on 
the exchange, according to toe 
official- figures, with the follow- 
ing distribution: - individuals 
65 per cent; insurance and other 
companies 23 per cent; banking 
institutions 6 per cent; security 
companies and government the 
remainder. Real holdings, may, 
however, differ from toe above 
figures, since toe exchange bas 
no way at present to be sure an 1 
. individual does not buy shares 
on -behalf of a third party. 

• During toe 1 first eight months 
of 1981, the shares of 50 com- 
panics accounted for $2 per cent 
of turnover in terms of value, 
and 75 per cent in terms of 
volome. More than half were 
companies' engaged in overseas 
construction, which .did very 
well last year. 

There is a lack of knowledge 
about toe market, although now 
tost 'znteeist rates are falling 
(to .about 15 per cent currently). 

- there is an incentive for more 
funds to flow into toe stock 
market 

The $30m injected into toe 
market as a result of the sale 
of beneficiary certificates in toe 
two unit- trusts set up ' in 
London late last year, had little 
impact in terms of volume or 
price, 'Mr Yoon comments, 
“but,” he says, “their very 
presence is impressive.” - 

The Korea International 
Trust marketed by . Credit 
Suisse ' First Boston has 
invested 80 per cent of its port- 
folio in .the equities iff 39 com- 
panies, including 16$ per. cent 
.in electronics, 17}' per cent in 
construction, ' 10 per cent in 
.finance. 11 per emit in trading 
houses, 8 per cent in chemicals 
and 6 per cent in textiles. 

The Korea Trust, with private 
placement led by Merrill Lynch 
International, bas put money 
chiefly into construction . com- 
panies, machinery and equip* 
ment manufacturers, petro- 
chemicals and wholesaling. 

Since much of the market 
action on stocks reflects the 
government policy, on interest 
rates and not necessarily com- 
panies’ potential,, overseas 
investors provide .not only a 
fresh source .of capital but' an 
outside barometer of economic 
performance. None toe less, it 
is unlikely that the Government 
will permit direct foreign invest- 
ment in the market much, earlier 
than its target. of 1990. ^ 

'Ami Charters 


NswIeSU© 


March 22, 1982 



Caine Cenbale de Cooperation Economique 

US$100,000,000 

Floating Rate Notes Due 2002 

7W— KllwTIy ptmanhwd hy 

The Republic of France 


Diflon, Read Overseas Corporation Banqae Nationale de Paris 


Bank Brussel LambeitNA/l 


CbateM antattan limited 
Earopean Banting Company 


Bank of Tokyo International Limited 
CmssedetD^ts^Condgnafioafe 
Credit Suisse First Boston limited 
Goidmas Sachs International Carp. 


Salomon Brothers Inter 


iKirim 


lUted 


S.P 




CIGNA Corporation 


has been formed by 
the combination of 


Connecticut General Corporation 


and 


INA Corporation 


The undersigned axled as financial advisor to 
: Connecticut General Corporation 
in this transaction. 


Lazard Freres & Co. 


'April 6, 1982 “ f : 


This announcement appears as a matter of record only. 


$300,000,000 



CATERPILLAR TRACTOR CO. 


Revolving Credit Facility 


Funds Provided By 
Bank of America N.T. & SA 
The Chase Manhattan Bank, N A 
Citibank, NLA. . ' 

Continental Illinois National Bank and Trust Company of Chicago 
The FirstNational Bank of Chicago 

Agent 


.FIRST CHICAGO 

" The First National Bankof Chicago 


-March, 1982 ... 



I7ds advertisement complies with the requirements of the Council ofThe Stock Exchange. 


^Campbell Soup Overseas Finance N.Y. 

(Incorporated in the Netherlands Antilles) 


‘ U.S. $200,000,000 

Zero Coupon Guaranteed Notes Due 1992 

Unconditionally guaranteed by 


U.S. $50,000,000 
14% Guaranteed Notes Due 1 989 



(Incorporated in New Jersey) 


' ' . Thp following hate agreed to subscribe or procure subscribers for the Notes: 

Credit Suisse First Boston limited Morgan Guaranty Ltd 

Credit iryomiais • Dentsche Bank AktiengeseHschafl: 

Klemwori, Benson limited . . . Sociefce Generate tie Banqae S JL 


Swiss Bank Corporation International 

limited 


Union Bank of Switzerland (Securities) 

TantffM 


The Zero' Coupon Guaranteed Note Due 3992, issued at 27 per cent, have been admitted to the Official list by 
the Coontf.'of The Stock Exchange, subject only to the issue of the temporary global Note. There will not be any 
periodic paymeu ts of interest. 

The 14% Guaranteed Notes Doe 1989, issued at 100 percents have been admitted to the Official list by the Comal 
of The Stock Exchange, subject only to the issue of the temporary global Note. Interest is payable annually in 
aueais oalStfc April; thefirst payment being made on 15th April, 1983. 

Full particniais relating to the Zero Conpon Guaranteed Notes Due 1992, to the 14% Guaranteed Notes Due 1989, 
Campbell Soup Overseas Finance N.V., and Campbell Soup Company are available in the Extol Statistical Service 
and may he obtained -during usual business hours up to and including 28th April, 1982 from the brokers to the 
issue:'. v M •' • r • 

... .Cazenov&&Co~. 

22 Tokenhonse Yard, 

..- XiOndon EC2R 7AN 

' , 14th April, 1982 . 




STSSu CURRENCIES: M ONEY 


Financial Times Friday April 16 1982 


GOLD 


FT UNIT TRUST INFORMATION SERVICE 


£ and $ firm 


THE POUND SPOT AND FORWARD 


Sterling appears to have 
settled down Id a steady level 
of just over $1.75. which given 
the present strength of the 
dollar is roughly in line with a 
trade-weighted lodes value of 
about 90. The absence of any 
further developments in the 
Falkland Islands dispute left the 
market fairly quiet for most of 
the day, although the pound 
recorded quite a sharp late rise, 
possibly reflecting a reversal of 
positions taken an Wednesday 
following false rumours of a 
naval clash In the South 
Atlantic. 

The dollar was firmer as Euro- 
dollar rates rose and market 
expectations pointed towards a 
large rise in the U.S. money 
supply, figures to be announced 
today. 

The Danish krone continued 
to advance in the European 
Monetary System. 

STERLING — Trade-weighted 
index (Bank of England) &9£ 
against 90.1 at noon. 90.0 In the 
morning. 90-2 at the previous 
close, and 88.3 six months ago. 
Three-month interbank 132 per 
cent (IS;i per cent six months 
ago). Annual Inflation rate 11 
per cent (12 per cent previous 
month ) — Sterling opened at 
SI- 7600 and was fairly steady 
during the morning, touching a 
low . . or 51.7515-1.7525. It 
recovered jo SI. 7600 in lhe after- 
noon, -and rose sharply in late 
trading to a peak of $1.7625- 
1.7635, before closing at 51.7615- 
1.7625, a rise of 35 points on the 
day. The pound rose to DM 
4.2725 from DM 4.2550 against 
the D-mark: to FFr 11.0950 from 
FFr 11.0550: to SwFr 3.4S25 
From SwFr 3.4550 in terms of 
the Swiss franc, and to Y437i 
from -Y4351 against the Japanese 
yen. . 

DOLLAR — * Trade-weighted 
Index 116.3 against H6-2 on 
Wednesday, and 107.4 six 
months ago. Three-month Trea- 
sury bills 12.90 per cent <13.20 


per cent six months ago)'. 
Annual inflation 7.7 per cent 
<8.4 per cent previous month) — 
The dollar rose to DM 2.4235 
from DM 2.41SQ: to FFr 6.30 
from FFr 6.2S50; to SwFr 
1.9750 from SwFr L9625; and 
to Y248I from YS47J. 

DEt! TOTEM ARK — EMS mem- 
ber (strongest). Trade-weighted 
index 123.0 against 123.2 on 
Wednesday and 124.0 six months 
ago. Three-month interbank 
9,325 per cent (1L50 per cent* 
six months ago). Annual infla- 
tion 5JS per cent (5.8 per cent 
previous month)— The Deutschc- 
mark improved, against five 
members of the EJffS at the 
Frankfurt fixing,. losing ground 
to only the Danish krone. Hie 
French franc fell to. DM3S.46 
per 100 francs from DM 38,475, 
the Belgian franc to DM 5.293 
per 100 francs from DM 5.30, 
and the Dutch guilder to 
DM 90.14 per 100 guilders from 
DM 90.175. Outside the EMS the 
Swiss franc declined to 
DM 1.2279 from DM 1.2333. 
Sterling was unchanged . at 
DM 4.2630. Firmer U.S. interest 
rates, and expectations of an 
increase in this week's figure on 
U.S. moaey supply, pushed the 
dollar up to DM 2.4238 from 
DM 2.4162 at the fixing. In the 
afternoon the U.S. currency 
held steady at around DM 2.4235. 

EURODOLLAR interest rates 
were firmer yesterday, and 
Eurosteriing rates also showed 
an upward trend, but other rates 
were little .changed. Against 
this background most curren- 
cies strengthened in terms if 
the dollar in forward trading, 
although forward rates against 
the pound were fairly steady as 
sterling lost ground in spot trad- 
ing. Among the weaker mem- 
bers of the EMS Eurolira rates 
edged up. while Euro-French 
franc rates fell slightly, and 
Euro-Belgian franc rates were 
steady. Premiums against the 
Deutsche mark, Swiss franc and 
Japanese yen widened , in the 
forward market, 


Day's 

April 15 Spread Close On* month 

U.S. .1.7615-1.7635 1.7515-1.7625 032-0.42c dis 
Caridds 2. 7470-2, 7540 2.7570-2.1520 0.43-0. 53c da 
Nothlnd. 4.71-4.74 4.727.-4-737* 2V14c pm 

Bofgium 80-20-®}. 75 0O.8S80.7S 2S-40C dix 

Denmark 14.41-14.60 14^64-14.464 SVSSors dis 

Ireland 12250-1.2360 1.2345-1 £3& O.63-0.7ffp dis 
W. Ger. 4.25-4-28 4.264-4 Up* 14-14pf pm 

Portugal 126.50-1Z7.7S 1Z7.25-1Z7.7S 160-380c dis 


1^250-1.2360 1.2345-1 -2355 
4.25-4-28 4.264-4JZ74 


Spain 

Italy 

Norway 

Franca 

Sweden 

Japan 

Austria 

Switt. 


1S7 .40-18840 188.00-188-2G 70-lOOc db 

2J336-2.350 2.347VSL3494 19-22 lire db -10.47 63-67 db • 

1 10.73-10.80 10.78V10.78t, SV-SVore db -6.81 74-9 die 

11.05-11.11 11.09-11.10 8-11c db -1057 2457 db 

n 10.46-10.55 1Q.63V10.54>* 4ere pm-par 0.35 24-2 pm 

434-440 437-438 2.45-Z.lSy pm 6.31 7.40-7.07 pm 

i 29,30-30.05 29 JI8 -30,03 12-8^0 ro pro 4.10 354-284 pm 

3.45V3.49 3.47V3484 24-Z4e pm 8.51 7> r 7 pm 

Belgian rare <s tor convertible franca. financial franc 89490-80.00. 
Six-month forward dollar 1 AO-1 .50c dta, T2. month ZJO-ZMtt dis. 


% Three 
P-*. months 
-2J52 0.76-086 db 
-2-88 142-1A2dte 

4.75 ‘64-64 P m 

-4.83 80-100 db 
■“7.18 174-184 die 
-6.75 18S-2-02dis 
386 5-4*i pm 
—25.41 380485dm - 
—5.42 206-250 db 
-10.47 63-67 db - 
-6.81 71,-9 db 
-1087 24-27 die 
0.35 2*4-2 pm 
681 7.40-7.07 pm 
4.10 354-284 pm 
8.51 7*i-7 pm 


THE DOLLAR SPOT AND FORWARD 


Day's % Three 

'April 15 spread Close One month p.a. months ju, 

UKt 1 .7515-1 .7635 1.7615-1.7625 OJ32 -Oj42c db -282 0-7S-08fldb -184 

frelandt 1.4255-1.4300 1.427D-1.428S 0-57 -0.47c pm 487 1.65-1 85 pm 4.48 

Canada 18210-1.2235 1-2215-1.2229 Q*3c pm-O.OI di* 0.10 0.09-0.14dis -0.38 

Neihlnd. 2.6840-28915 2.6840-2.6870 1.70-I.SQc pm 736 4.90-430 pm 731 

Belgium 45.79-45.23 4580-4532 S-IOcdb -1.96 22-30 db -2.27 

Denmark 83075-88325 88100-88200 3.00-33Qore db -4.60 6.50-7-OOdb -388 


W. Gar. 2.4200-2.4260 2.42308^340 1.30-185pfpm 

Portugal 72.20-72.70 72.2S-72.05 80-200C db 

Spain 106.75-107.15 106.75-1068 0 22-32c dis 
Italy 1.3314-1.3334 1832V13334 9-11 lire dis 


6.31 384-3.79 pm 880 
-23.19 1 85-525 db -19.60 
-3.03 70-90 db —2.99 
-9.00 29-32 dig -9.15 


8.1200-6.1315 6.1200-8.1300 1.70-Z.OOom db -3.62 1.60-1 8Qdb -1.08 
68975-68100 68975JS8025 3-4c db -6.66 104-12 db -7.14 


ce 68975-68100 6897548025 3-4c db -6.66 104-12 dis -7.14 

Sweden 5.9650-5.9035 58650-58760 180-1 JSors pn» 286 485-4.10 pm 2.79 

Japan 248.00-248.60 24880-24880 182-1.74y pm 8.60 5.28-5.18 pm 8.43 

Austria 17.01-17.04 17-03-17.04 104-9gre pm 687 294-284 pm 682 

Switz. 1.9680-1.9786 18746-18755 181-1 .83c pm 11 86 5.07-4.99 pm 10.19 

t UK and Ireland are quoted in U.S- currency. Forward premiums and 
discounts apply, to the U.S. dollar and not to the individual currency. 


CURRENCY MOVEMENTS * CURRENCY RATES 


April 15 


Bank *f Morgan 
England Guaranty 
Index Changes^ 


Sterling...., 

U 8. dollar. 

Canadian dollar.... 
Austrian schilling. 
Belgian franc_..... 

Danish kroner. I 

Deutsche mark. — J 

Swiss franc - i 

Guilder .....I 

French franc 

Ura . — - 

Yen -< 


Bank) Special European 
April 14 rate Drawing Currency 
% Right* Units 


WasHogtoa egret 
Bank of fagfsnd 
W8-1QP). 


kdn (base 


Sterling.— — 

0.S.8 19 

Canadian 8. 15.41 
Austria Sch. G>: 

Belgian F 14 

DanbAKr^. 11 

D mark — __ 71 

Hinder. 6 

French Fr-.. 9t 

Ura_ 19 

Yen 3! 

Norwgn. Kr, 9 
Spanish Pts. 8 
Swedish Kr. 10 


0.629446 

1.1X155 

1.56029 1 

18.6641 

50.6664 

9.2114C 

2.6B524 

887786 
688095 
1476.15 
274826 
6.78813 
118.690 
6.60763 
2.1760Z i 


Greek Dr* eh. 1 20 1 , 1 — 


EMS EUROPEAN CURRENCY UNIT RATES 


OTHER CURRENCIES 


April 15 


a 

Note Rates 


French Franc 10 
Swiss Frano 


Dutch Guilder 
Italian Ura 1,000 


Canadian Dollar 
Belgian Franc 100 


0.455 

17.05 

0.916 

34.36 

1. 

37.51 

9.666 

ISO. 


FT LONDON INTERBANK FIXING (11.1 I a.m. APRIL 15) 


3 months U.S. dollars 


6 months u.s. dollars 


bid 151:2 -offer 15 SrB I bid 15 US offer 15 5/8 


The fixing rates ere the arithmetical means, rounded to the nearest one-Bbcfisanth. 
of the hid and offered rates for Slftn quoted by the market te five reference banks 
at 11 am each working day. The bank* ere National Westminster Burk, Bank of 
Tokyo, Deutsche Bank. Banque National* do Paris and Morgen Guaranty, Trust. 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 



Yon 

Danish 

Krone 

64-668 

IS 

67 a -7 

6VW 

6ft-6ft 

314-33 
21-22 tg 
2068 -31*8 
20V21Ss 
1878-2028 , 
174-19 


10»4-18*r 1458-147* 
17 V18it 145a-l4Tg 
17-18 1468-147* 

15-17 14fiB-147 B 


SDR linked deposits: One month 13*4,- 144, -per cent: ihree months 137,-14*, per cent; six months 14-14*, par cenc one yaw 13**-13*4» per cent. 

ECU Jmkrd deposits: one month 144»-14“» por coni; throe months 14*,-14 T » per cent: six months J4*»-14*a pw cent; one yeer 134-14 per cent. 

Asian S (Closing rales in Singapore): one- month 154-154 por cent: three months 154-154 per done six months 154-1&4 per cent: one year 15*4-15*11. per cent. 
Len^-icwn Eurodollar l wo yoers 154-154 per cent: three years 154-164 per cent four year, 15V154 per cent five y bus 154-164 per cent nomine* closing 
rales- Shon-lurm rales are call lor U.S. daKars. Canadian dollars and Japanese yen: others two days' notice. 

Th I o' towing rites worn quoted lor London dollar ccroficatea ol deposit one month 15.03-15.15 per cent three months 15.05-1S.15 per cent: six manats 
15.00-15.10 per cent: one yiur 1S.CD-15.10 por cent, 


MONEY MARKETS 


GOLD 


UK rates rise 


Loudon clearing bank base 
lending rale 13 per cent 
(since Marcb 13) 

Interest rales were generally 
firmer yesterday in the London 
moaey market. Lack of pro- 
gress towards resolving the 
Falkland Islands crisis con- 
tinued to undermine market 
confidence. Three-month ster- 
ling CDs rose to 132 per cent 
from 13{£ per cent and discount 
houses buying rates on three- 
month eligible bank bills rose 
to 13 & per cent from 131 iw 
cent. In the interbank market 
overnight money opened at 12* 
12{ per cent and finned to 121- 
12* per cent ahead of the fore- 
cast and rhea rose further to 
12J-12; per cent. By late morn- 
ing the rate had fallen back to 
121-12* per cent but then rose 
to 13£ per cent, fell back to 12 
ner cent before climbing 
sharply to 25 per cent. Funds 
were in better supply later in 
the afternoon and rates fell to 
12 per cent but late balances 
were taken at 30 per cent. 

A shortage of t750m was fore- 
cast by the Bank of England In 
the money market, with bills 
maturing in official hands 


MONET RATES 

NEW YORK 

Prime rata 

Fad. funds (lunch-time) 


— £4SSm and Exchequer trans- 
actions — £350m. The Bank gave 
assistance in the morning of 
£6Q4m comprising purchases of 
£45m of eligible bank bills in 
band 2 (15-33 days) at 13 per 
cent and in band 3 (34-63 days) 
£236zn of eligible bank bills at 
123-1212 per cent. In band 4 
(64-91 days) it bought £29m of 
Treasury bills at 123 per cent 
and £32ra of local authority bills 
(64-S4 days) at 1213 per cent 
and £262m of eligible bank bills 
at 12^-13 per vent. Further 
assistance in the afternoon 
came to £lSSm, making a grand 
total of £793m. The afternoon 
help comprised purchases of 
£3m of eligible bank bills in 
band 2 at 13 per cent. £46m in 
band 3 at 121-1213 per cent and 
£140m in band 4 at 1223-13 per 
cent 

In Paris call money fell to 
16i per cent from 17 per cent 
the first reduction ibis month 
and an indication of the slight 
reduction in pressure an the 
French franc within the Euro- 
pean Monetary System. 


Slight 

fah 


GOLD FELL $1} to S362J-S363} 
in the London bullion market 
yesterday. The metal opened at 
S364-5365. and was fixed at 
$362.50 in the morning, and 
$363.25 in the afternoon. The 
opening level was the high point 
of the day. and the lowest price 
quoted was S360fc-$361j<. 


In Paris the 122 kilo gold bar 
was fixed at FFr 73,500 per kilo 
($362.70 per ounce) in the after- 
noon, compared with FFr 73,500 
($362.51) in the morning, and 
FFr 73,500 (S363.94), on Wednes- 
day afternoon. 

In Frankfurt the 12} kilo bar 
was fixed at DU 28.290 per kilo 
(5363.01 per ounce), against 
DU 28.505 ($366.98), and dosed 
at $363-8364 compared with 

S366J-S367J. 

In Luxembourg the 121 kilo 
bar was fixed at the equivalent 
of $382.55 per ounce, compared 
with $363.75. 

Jn Zurich gold finished at 
$362-5365 against $3654368. ! 


April 14 


CtOM *3633,4 

OpMMS-v S364-3& 

Morning fixing _ 1262.50 
Aftonmn flxingi556S85 


Cold Bullion (ftng bunco) 

S3 633,4639, (620618-907) S3 64 1*8601* 

$364-355 <£207-20710 S3653i4&49f 

*362.50 (£205.050) 1364.75 

*363.25 (4206.921) *366,78 


Krugerrands. — 18373 *«-3l74i, 
Ilf KniBumitd—|Si92«8-ie3i8 
1/4 Krugerrand -.iS9Q-99 

l/W Kragarnand S4&4Z 
Miplaluf IS373V3744 

New Soy« rolfl n«.|SS7 J, -88 is 

King 5cvareigmjSlO2iz-lO3i0 
Victoria Sovs^... SlOflta-lQJi* 

French 38s 881-91 

50 pesos M«eieo;M4SJ«.451if 
108 Cor, Austria, *362 Ig -355 
*20 Eagles _:*449-453 


Odd Coins 

li4 (£212-2123, 
»Z «U»V110 
f£H3«-56l4l 


*4 137418-3 781* 

10 8193if-194i3 

I) 5G6V994 
(SZa^Siti 940 -41 

(£ 212 - 212 ),) *3744-37541 
(£49i«-50UJ SSSlg^B 

(£ 6813 - 59 1 8105-106 

(£5818-58} *109-206 

(£46-613,) *83-93 

(£25434-256i«) *448Jt*4fi85a 
(£20014 -20 13,)! 8353 lg -386 
<£255-257 U 1*453458 


(£306 Is -907) 
(2806 V8 064^ 
(£206.692) 
(£807.67*) 


(£213.2131*) 
(£210-11018) 
(£56-86*!) £ 

(£223,^31,) 
(£213-213i x ) 
f£5Qi«-803<) 
(£591*- 60] 

(£5018-60) 
(£4714-024,1 
(£255S»-2B7lfl) 
(£201-202 tg) 
(£257^-250ifi) 


LONDON MONEY RATES 


Sterling ' Uxsal | Local Auth. 

CerUfreato Interbank : Authority (negotiabla 
of deposit 1 deposits [ bonds 


Treasury bills {13>wsekY 
Treasury bills (26-week) .— 

GERMANY 

Special Lombard 

Overnight rate 

One month - 

Three months - 

Si* months - - 

FRANCE 

iritervontion rate 

Overnight reto 

One month 

Three month* 

Six months 

JAPAN 

Discount rare 

Call (unconditional) 

Bill discoiiQL (three-month). 


Overnight — 

2 day* notice- 1 — 

1 days or. — ~ 

7 day* notice- J — 

One month ] ISTVia 1 * 

Two 1334 . 1 s* 

Three month*. lSft-iSSe 

Six months I 14-1378 

Nine months.-. 14-13 t b 

One fear. ...J 14-13 7g 

Two year*. I — 


12-30 121, — 

— « Mviase — 

1330-127, 12V127» ~ 


Flnsnoo rasooonti 

House . Company Market Treesury 
Deposits. Deposits Oepbsit>| Wlls» 

— 127g-123, U-lzJ -. 


1314-133, 

1S4b-333« 

IStJ-14 

1318-14 


14U-14 . 
144-14 
141b-137 S 
13S,.13lg 
14 4-13 7a 

1416-137, 


— 127^-23 2S 

1S3b 1312-133, 12Ea-125, 
133, 24 22^-223, 

14 144 124-J87* 

14 - ~ 

14 — — 


131* 134 

234 137s 

134-13* 134 

134-134 138* 


Local authorities and finance houses Sevan days' notice, other* amen days fixed- long-ttum local euthonty mortgage 
rates nominally -three years 144 par cant; four years 144 per cent; five years 144 per cent. ftBfrnl: bid rates it table 
are buying rates for prime paper. Buying rawa. 1 or tour-month bank biUs 134-134 uer cent: tour months trade bids 
per cant. 

Approximate selling rate* for one month Treasury bills 13 par cane wo months 124 per. cant; three months 124- 
10*4* por cent. AporoxirrMto seHmg rate for dob month 0»n* httf* l0*4i-1-3 oer cent: two months 134,-134 per cent 
and three months 134 Per cent; one month trade bitts 134 per cent: «m months 134 per ceoc three months 134 par cant. 

Finance Houses Base Retss .(published by the Finance House* Association) 144 per cent from Apr}) 1 1982. Clearing 
Bank Deposit Rams for sums at seven days* notice 10-104 psr cant. Clearing Bank Rates for lending 13 par cent. 
Treasury Sills: Average tender rates of discount 12.7821 per cent. 

Cera heats of Tax Deposit (Senes, 5} 134 Per cant. bom March 3. Deposits withdr a wn for cash IT per cent. 

















































































































■Financial Times Friday April 16 1982 


Friday April 16 1982 





Economic issues dominate the Republic, as never before. Anti-inflation 
policies are bound to impinge on employment and, with Ireland’s growing population 
and workforce, difficult choices have to be made, particularly 
Jfor a Government without an overall majority 


.if; 

— ■ ';■« ^V-Jv ■ •Vi/.'*.'.'. •A. ■■ 


m 






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tough decisions 


THE Irish Republic has . had two general elections and 
three budgets in the past 11 months and, although Mr 
Charles Haughey’s minority government' looks increas- 
ingly comfortable, it would be a brave man who would 
predict how long it will -be until the- next poll. 

These events, and the arguments about the 
economy which surrounded them, drew rather more 
attention to Ireland's problems than many would wish. 
If the image of Europe's most dynamic economy is not 
to be seriously damaged, some progress will have to be 
made in correcting the economic imbalances. . 


Events in Northern Ireland, 
and the consequent effects oh 
Anglo-Irish relations, have also 
been moving with remarkable 
speed. From the end of the 
hunger strikes, in the middle of 
last year, relations improved 
from previously .unplumbed 
depths, to reach ; new levels of 
warmth as Dr Garret FitzGerald 
advocated rapproachmeni with 
the Ulster Unionists. 

In the last two months. One of 
the periodic chills has set in. 
Ute “ special ... . relationship ” 
which Mr'Haughey'was claiming 
when. last in power, has gone 
and, for the first time, the 
British Government Js launching 
an Irish initiative in the face of 


BY BRENDAN KEENAN 


downright hostility from Dublin. 

In ■ the Republic itself, 
economic issues dominate as 
never before. It is here that the 
problems of governing without 
an overall majority are most 
apparent. The measures which 
need to be taken , are not the 
kind which tempt Independents 
into the Government lobbies. 

Dr FitzGerald's response to 
this problem was to govern as if 
he had a majority.. and do what, 
seemed necessary. It was a bold 


strategy and began well, but Dr 
FitzGerald may have become 
over-confident at its success. 

Although Government sources 
were stressing the difficulties of 
getting last January’s budget 
• through, little attempt was made 
to consult the vital Independ- 
ents and seek their support 
The admirable objective of not 
bargaining away the right to 
govern turned into parlia- 
mentary Insensitivity, 

Indeed. Dr FitzGerald's posi- 
tion as party leader might have 
been distinctly shaky but for 
Jiis successes in the subsequent 
campaign. It became clear that 
he is a major vote-getter and 
remarkably successful at per- 
suading people that harsh 
medicine is good for them. 

Nevertheless, it was Mr 
Haughey who returned, at the 
head of another minority 
administration, but his approach 
will be radically different. The 
fear is that the economy will 
now take very much second 
place to the objective of keeping 
the government in office. 

So far the signs are mixed, 
but hardly encouraging. Mr 
Haughey committed at least 
L£50m; 'and anything up to 
I£150m. to secure the vote of 
Dublin Independent, Mr .Tony 
Gregory. ‘ 

At the same time, Mr 
Haughey’s reported comment to 
Afr Gregory; “ You are pushing 
an open door,” has proved 
correct. Even rural MPs have 1 
found it hard to argue against 


file spending of money on inner 
Dublin’s apalling problems of 
decay and neglect. 

But on top of this have come 
jCirely political decisions like 
the nationalisation of Clondal- 
kin Paper Mills and the com- 
■ pletion of a substantial airport 
to serve the supposed needs of 
Connaught. With signs that the 
current budget, deficit is again 
running ahead of target, there 
is little evidence of hard prun- 
ing of Government spending. 

Perhaps the political sensa- 
tion of- the year was the de- 
rision of Mr Richard Burke, an 
opposition MP, to return to 
Brussels as EEC Commissioner. 

Reflection 

At one stToke — and without 
any need for the spending of 
public money — Mr Haughey 
gave himself a comfortable posi- 
tion in the Dail (parliament!, 
even though he is still one short 
of a majority. 

The fact that Mr Burke went, 
evert after a week's thought, is 
held by many to be another re- 
flection on Dr FitzGerald’s 
political skills. ' He made little 
attempt to accommodate those 
who are not his natural sup- 
porters when in office and at 
least one of the chickens has 
come home, unpleasantly, to 
roost. ■ 

There may %ven be more, as 
backbenchers begin to contem- 
plate the likelihood of- another 
long spell in opposition, after 


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such a tantalisingly short term 
of office. 

A more settled political situ- 
ation would at least allow atten- 
tion to return to the country’s 
economic problems. In particu- 
lar, economists and bankers are 
now being joined by fanners 
and industrialists in seeing 
inflation — . still running at 
around 20 per cent — as the 
problem which must be tackled. 

This has not always been the 
popular view.. There was little, 
murmur .when -Mr Haughey 
stood alone against the com- 
bined weight of other EEC 
heads of government in declar- 
ing that unemployment, was the 
problem. 

It would, of course, have been 
in Ireland's interests if the. 
major economies had reflated 
but. now* that liheLr inflation 
rates — especially the’ UK’s — are 
coming down to half the Irish 
rate. Ireland will have to follow 
sint if its competitive position 
is not to be seriously eroded. 

Even Dr FitzGerald, although 
he was committed to a restora- 
tion of financial rectitude, was 
concentrating on indirect taxes, 
despite their effects on the 
inflation rate. 

Anti-inflation policies are 
bound to impinge on employ- 
ment and, with Ireland's grow- 
ing population and workforce, 
it is a difficult choice even for 
-a secure government. 

There will be difficult choices 
to make on Northern Ireland, as 
Mr James Brior develops his 


Mr Churles Haughey, the Irish Prime Minister — The problems of governing 
ivithimt an overall majority are most apparent in the country's economic issues 


initiative to restore some form 
of government to the province. 
At the time of • writing, the 
details are still being studied, 
but Dublin reaction is bound to 
be conditioned by the attitude 
of the SDLP, which, after all, 
represents most of Northern. 
Ireland's Catholics. 

Differences 

At the same time, there is a 
deeper difference in funda- 
mental attitudes to the Northern 
Ireland problems between Mr 
Haughey and Dr FitzGerald 
than has traditionally been the 
case with Irish poll lice Headers. 

Mr Haughey is genuinely con- 
vinced that a solution can only 
be found by by-passing.’ at least 
ior the present, the politiciiins 
in Northern Ireland. His hop/s 
that he nnyht have convinced 
Mrs Thatcher have been dashed 
by the Prior initiative. 

Yet, by all accounts. Mrs 
Thatcher is still dubious about 
the initiative. Mr Haughey's 
mistake, in retrospect, may have 
been-in to let her see too dearly 


what was his final objective. 

Dr FitzGerald turned the 
Anglo-Irish process begun by Mr 
Haughey towards another objec- 
tive — the amelioration of 
Unionist fears by promoting 
closer contact and co-operation, 
particularly on rbe security 
from. 

TliU was to go hand-in-hand 
with attempts to make the 
Republic look less threatening, 
though changes in the constitu- 
tional claim to Northern 
Ireland and, for example, the 
prohibition of divorce. 

For the moment, the Anglo- 
. Irish process is dead and Mr 
Haughey, far from proposing 
constitutional deletions, pro- 
poses to add another prohibition 
— on abortion. 

The spotlight could, however, 
swing back to the London/ 
Dublin axis. If the Prior, initi- 
ative is successful, it will be 
necessary to incorporate an 
Irish dimension. If it fails, the 
two governments may have to 
start talking again, for want of 
anything better to do. 


CONTENTS 


The economy: few signs 
of improvement n 

The banking community: 
feeling the pressure H 

Political scene: parties 
prepare big changes H 

Competitiveness: main 

problem is still the Irish 
Sea IH 

Industrial investment: 
how the IDA acts as 
matchmaker HI 

Property sector: uncer- 
tainty prevails IV 

Tourism: a worrying 

gap IV 

Energy: oil exploration 
excitement fades IV 


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30 


Financial Times Friday April 16-1&82 


IRELAND II 


The rapid deterioration in Ireland’s, current budget deficit has been checked 


MONEY SUPPLY Ml 

Currency and current account* 


money supply m 2 

Ml and associated hank depowt* 


Few signs of economic improvement 


OF THE Irish modmv in 1982 month^budffrt. ^Mchbadto 1(>WBr ’ 

n might, be said, as it was. of be rushed m oy jtne new * first half of Until now it was doe 


Queen Victoria-. “ She is neither government 


— also 


organisation’s rescue unit. 
Even the fardga-owned 


better nor worse, she is much 
the same." 


minority — of Mr Charles 
Haughey. Although the new 


a?<et£sh , 2z& 

£• — •“ srus? sn? is 


The efforts, particularly oT finance minister, Mr Ray *8*™- some ^^,1, ^ SSrlyin® real ^economy was the rises in postal a nd tele - 
r Garret FitzGerald's seven- McShany, claimed he ws am- ^ Even so. some eronoimas are UDdWjrmK phone chaises. electricity 


Dr Garret FitzGerald's seven- 
montih minority government, to 


lUUUUIi UUUU1CLJ gl/«CIUlUCUl| >» r -~ — -o — — . , . . 

halt the rapid deterioration in rent budget deflert target, he 
the country's current budget de* admitted on ibis own 


Dr FMerald’s cur- beglnW, to worry that Dr sound, and capable tfWHh 
H . 8 7 . MPM f Vo FSt^fiikrald's suflCCSSflll effOTtS lftfiT OlBCklV tO RUV UOtum IB 


2ra»ffiss= ssrarjssrs 


FntzGerald's successful efforts log quickly to any upturn in 
in focusing attention on the world trade. 


gap, appear to have succeeded mg would rise ©ligmiy. 


in stemming the tide. Actual '.The i 
improvement, though, seems a returns 
more distant prospect and may worryii 
require more radical policies. Govern 
This seemed clear from last up 60 


.The first quarter’s Exchequer dicafors. 


returns were particularly la J^StSSv {S tewDuS volume of industrial exports ance-taboo subject of devalna- 
worrying, suggesting that the ^Pby^ T^u^y increased by 9 per cent, against tion has become a common item 

Government had already nm ^ a background of only 2 per cent' of discussion among mdustml- 

up 60 per cent of the total cm the Pimlw domestic economy ists. bankers and economists. 


Exports 

During 1981, for example, the 


phone charges. electricity 
tariffs and wage rates. Inai 
inflation has been blamed for 
the. -closure of Filedcrest .in 
Kilkenny and the troubles of 
Travenol in Mayo. 

It is in this- context that the 


Jan. 

Feb. 

March 

April 

May 

June 

July 

Aug. 

Sept. 

Oet 

Nov*' 

Dec. 

• Avge. 


I£m 

L26L3 

1J235.3 

1^77.9 

1,265.0 

L2552 

U10.4 

1.289.6 
1415J1 

1.382.7 
1,386.3 
0.402J 
U9L6 
1^22.7 


Yr.toYr. 
% change 

7.0 
12 
15 

3.0 
-0.3 

- -0.8 . 
— 2 . 1 . 
- 0.2 
6.7 
9.7;' 
TOS 
• 10.3 

4.5 


£m 

1,432.7 

1.401.3 
1,463.6 

1.458.4 

i,m* 

L507.9 
1,481-5 
1,533 J. 

1.543.0 
1,506-5 

1.536.0 
1,614*4 
1,495.3 


1981 

Yr.toYr. 
% change 

n 13.6 

2 13*4 

.6 14-5 

.4 15-3 

5 16.7 

.9 15.1 

.5 14*9 

2 16,6 

.0 1L6 

5 &7 

.0- -9.5 

*4 83 

2 13J0 


l£m - 
3,665.6 
&S33.7. 


March 3,7763 
April 3,7S3J 


May 

June 

July 

Aug. 

Sept 

Oct 

Nov. 

Dec. 

Avge. 


3,752*4' 

3,853.0. 

3.836.3 
3.928J9 
4,0930. 
40373 
4W5M 
4,492-4 

34139.4 


Yr-to Yr. 
% change 
124 
. 12.1 
10J> 
10.1 
8.6 
8* 
8.0 
102 
14.5 

152 

192 

m 

1216 


£m 

4,459-8 

4.443.0 
4,6330. 
4,62 L4 
4,642.7 
4*7<HLS 

4.712.1 
■ 4,793-5 

4,789*5 

4.760.2 
4.959.0 
5,060 
4,7150 


1981 - 
. Yr.toYr. 

%dttngu 
8 2L7 . 

,0 220 

0 22.7 

.4 23.1 

‘3 23J7 

5 ~ . 220 - 

.1 224 

5 22.0 ' 

i5- 17.0 

J 15.1 

5 14.0 

X- * 12*7 

L3 19.7 ■ 


a 


Jan. 1982 figures: 


jan. 1982 figures 


£m: 1*577.4 

Yr. to yr. % change: 10.1 


£m: 5.052.8 

Yr. to yr. % change:13J- 


MONEY SUPPLY M3 -V 

M2 and non- associated banks' deposits ItJ* 
interbank balances 


MONEY SUPPLY M4 
Ml and Govt deposits with central banks 


Requirement (PSBR), which is growth in *he cto 
rarely mentioned in Irish and in world 
economic comment. If ftois generally, 
figure, which includes the Muni of mis i 


4| UUVIVglVUUU l/l — - V* ^ - 

growth in the domestic economy ists, bankers and economise, 
and in world manufactures At one time only the farmere, 
generally. whose, prices are rigidly fixea 


fl^^^wlS^tocludK S Much of this success was due in Brussels, publicly advocated 
EMTS Ireland's state to the activities * ft devaluation, 

industry is examined, there is owned firms established m j^w, ^ ^ competitive pres- 
little sign of improvement Ireland. The performance of on manufacturing grow 

nme sign or imp indigenous industry was much samwerm they have found new 

Even Mr McShaan y s pro- more sluggish. Nevertheless, alIies Government, how- 

jected poveramerrt ^ borrowing a f*u in manufacturing e ver,' has set its face firmly 

figure of ® r investment last year of alm ost against such a move, 

of GNF, concealed some fancy M cent, an investment j t ^ ©asy to see why. Total 

footwork, which may have the ■ ■ - - 


X£m 

4*901.1 

4^43.6 


March 5.003.1 
April 5,010-9 


footwork, which may have tne tfllteil among existing 

effect of transferring public finns at the ^ nd 0 f last year, 

K^Murino 'tin mhfk lu tri mA» 


*-“ w . . . "7 ■ . . UUlib 4DL L1IV V“U v* -k j — * 

borrowing to «he private seator. ^gg^ed a growth of 17J per 
This is because much of ahe ce ^ ^ l982 . 


revenue an the budget comes 
from the bringing forward of 


ter a fall in manufacturing ever," has set its face firmly 
vestment last year of alm ost against such a move. 

I per cent, an investment j t ^ ©asy to see why. Total 
prvey taken among existing pu bii C sector external debt last 
ms at the end of last year, year j£4^bn and any 

iggested a growth of 17J per devaluation would greatly 
■nt in 1982. worsen the government's finan- 

This year, though, may be the cial problems. Nor is there 


44705 

5.103.7 

5.122.4 
5^67.2 

5.447.8 
5,491-6 
5,810.1 
5,828.6 

5.233.4 


Yr.toYr. 
% change 
16.6 
-163 
14.6 
13.4 
9.4 
9.2 
8.6 
123 
16.3 
14*8 
203 
16.9 . 
14.1 


£m 

5.8SL1 

5.968.7 

5.950.5 
5385.1 

6.007.5 

6.020.4 
6J70.3 

6.332.5 
M95.1 
6,337^ 

6.420.5 
6^15-9 

6.173.7 


1981 

Yr.toYr*. 

^change 
1 20.0 
.7 232 

.5 lO 

.1 19.4 

5 202 

.4 18.0 

.3 20.5 

.5 202 

.1 17.4 

2 15.4 

.5 10.5 

5 135 

.7 18.0 


March 

April 

May 

June 

July 

Aug. * 

Sept 

Oct 

Nov. 

Dec. 

Avge. 


EEm 

5.067.4 

4,9712 

5.005.6 
5.048.0 
5,0062 

5.126.3 
5,198*5 
5^77.6 

5.464.7 

5.535.4 
5,853^ 

5.966.8 

5.301.9 


Yr.toYr. 
% change 

15.8 . 

11*3 

15 
. 11.6 
92 
7^ 

8.7 

12.7 

14.7 

15.5 

19.9 
15*6 

12.5 ■ 


£m 

5.918.4 
6,047^ 

5.971.7 

6 , 022.1 

6.053.9 

6.044.9 

6.213.0 
6^379.0 

6.407.5 

6.383.0 

6.471.8 

6.745.8 

6 ^ 221.6 


1981 

Yr.toYr. ' 
.%dunse 
.4 - 16-8- 

5 nx 

.7 m 

.1 193 

,9 20A 

*9 173 . 

,0 19^ 

1.0 1M - 

.5 17J 

X 15.3 

.8 10.6 , 

i.8 ■ 13.1 t- * 

L6 - 173 


Sfi** 1 '" 


p 


Jan. 1982 figures 


Jan. 1982 figures 


fmr 6,655.4 ■ 

Yr. to yr. % change: 1Z2 


fm: 6.704J 

■Yr. to yr. % change: 133 


GROUP PENSIONS 
PERSONAL PENSIONS 

INCOME BONDS 
GROWTH BONDS 

UNIT LINKED CONTRACTS 
(Evergreen, Property, Gilt Edge) 
ENDOWMENT, ; ; 
WHOLE LIFE, V 
TERM ASSURANCE } ? 


^ nm to supp«e that ' — 

st-sMnca! 


^'T^S^TSSISS fiSurVfor i»r . small, ^en econ^y. 

b^rrw SUSSSS tiated by the IDA may fall for It. main export 

ceal the Government’s appetite the first time since 19<6. jwrticularly }P^ 

ceui me uuvoiiuu Tho nupdinn is. hnw lone the sluseish. In addition. 


SOIUUUU IVI LUST ,nll„n 

small, open economy. there must be an alternative 

Its main export markets, policy to . exchange rate move- 
irticularlv the UK, are still merit — does not seem to have 


The political scene 


i*™"!*—" - Xe ^io~ °2o"p?T SSI yigo“r^“15a'c^.on ^,Uc 

porate sector, added to the lnMraon ^ aii u tbn-?p if at all— to domestic pro- spending — from which Boost of 

I£20m levy on the banks tins S Hnrtinn. So the net result of a STproblems of excess demand 


e nrsi nine smer wi«. - — > — . — 

The question is* how long, the sluggish. In addition, much ot sunk in. ■ ■ H _ 

Irish sSon S 20 per cent the. country’s imports are items In particular, the need for a 


levy on the banks this Sed Action l?"Se rSlSSt S\ exc^s demand 

i7ar. has increased fears thaf to daSze %£l Id&t ta an Se fiowing-is rtiH not evident 

the present record interest rates the under- ' imrrease m the InMn M 


may be pu^ied even higher. “ “S “ SSk m McSha^Fs budget, whatever 

At present, prune rates ore o£ Uie TCai IXnr^of-oavments deficit. else it did, added new expendi- 

tures to the Government 


19 per cent, while ordinary economy? . 

overdrafts are as high as 22 per Some believe it is. already 


balance-of-payments deficit. 
The Irish punt is .such 


for big 


Snt dr TWs"i*“pS^f seveS 1,1 ShfraM^be drfSSS ^sSr’then, Mr Haughey has Wsh politics are » e 

SS “ro^e" SoM 0^^“ 

S e ™oryingu.000 people, have brought .bout a devalpa- detail, and find «« «ne can ( J* u ^ rtle ^ ^ jheir m 


THERE IS a theory, fashionable 
in some quarters 'at the 


But FF is ■"* deeply rival-, 
party. The post-election weeks . 
saw the extraordinary challenge < 
to Mr Haughey from Mr Des- \ 


oeeii iui — o- — . orjn market forces WOulQ aircauj' a real auuaiLu — - _ 

rate guarantee scheme, to 000 peopte have brought about a devaltra- details and final cost no-one can 

enable firms to borrow safely firms, employing 12.000 people, nave o . tQ ralculate . 


I IN INDUSTRIAL PRODUCTION' 
IRELAND AND EEC 


NEW 

IRE1AND 


New Ireland Assurance Company Limited, 
Dawson Street, Dublin 2. 



begin to calculate. 

' Those looking for stiver 
linings will point to the relative 
success of the first free $a>'- 


- GROWTH OF GROSS DOMESTIC PRODUCT' 
IRELAND AND EEC 


round* toll yeanL The e piAlic Ireland’s young' population. _ 
sector deal erf 15 per cent over it is easy to see why : such 
15 months, which was criticised views are current In trie past 


major parties, ynin ibci ^ party leader, was try- ' 

difficult to remain relevant » . vreat ' 


10 monuu, WlUUli nae V....— -- Vic wa _ j • 

as too generous, now looks year the Republic has had. two 

. ... onH mnrp 1 .wtinns .nmitlinliStWO 


Scu^WilnWtto -^Sions'^agreat. 

reland’s young population. de ^“ e eventk W^e- 

It is easy to' see why ; such which forced the: re - 1 

; nvo piirr^nt. In the 1 past . _ .til* T tu-fc Tmnch.in, 


better as more auu general eiccuuno, ^ jar jaau&iegr vy «*.. 

workers in the private sector hung parliaments, and, a whole 1970 and fcis 

settle for similar deals. series of splits and wrangles . trial, and acquittal on : 


agnation of Mr Jack , 
1979 and — before that— 4ne on- ; 


year me hcijuuu* . * 1979 ana — oeioro 

general elections, produemg^two of Mr Hailey by Mr 

■ ^lSflmantC find 9 WflOlG _ . . ^ apa ItG- rn^vca* 


settle for similar deals. series of splits 

Ihere should also be a sharp involving all 
improvement in the battance of political parties, 
trade, due to another healthy ^5 

export performance. However. arrivaLo f 
the payment of interest on new SUm F 


quent trial and acquittal on 
charges of - arms smuggling- 
- But ijto &ey also rmect- a , 


r — EUA J . ' 

To- that' can he added the p^riy where the oriy P u * l 5? 8e ; 
arrivaLof the mandst-orientated ^ ^ the winning and holding + 
Sinn Fein, the Workers’ ^ office for te .own *ak«. ' 


the payment of interest on new Sinn Feilu the . Workers’ ^ office for te . own sake, ani , 
foreign debt will add I£200m to Party (gFWp) % with three seats prizes that go with Uty a 

the balance of payments deficit. ^ je&oeai ^partiament, nnd ig the case. It also aj^es 

Estimates for the final outcome the of independents; ^ ^ S(xme degree to tbe -ntiar ! 

vary between 10 and 12 per hold anotb^r three s&3ts. Parties.* • . p 

cent of GNP, as compared with And ve t things could have T>r FitzGerald may have am- 

.. ^ J .T^. h.j . • ji *k« MaflnL 


cent of GNP, as compared with 
13 per cent last year. 

The fall in oil prices, could 
be thie biggest boost to a country 
still so heavily dependent on 


Ana yet, ULiuga j/r £ 

turned out very -differently. Had ^itions to occupy the .left-of- 

__ « _ yt«..«Lah Thn • _-j -a. /mvnw - n - ortWPTn- 


Mr Charles Haughey, the 
present Prime Minister, been 


.centre -said to form . a govern- 
ment on his oiwn: Many m . ms. 


_ , . urtacui nuui . UlcUL » u |U o — * . . , 

still so heanly dependent on w hold an. election last party, whfle they wottid wel-- 

imported oil and the fall has ring> be wanted to. he gome the achievement of o®ce, 

hor/^Tin mnrip. marked since me VJI Kura u Hn under a 


a Wi rrtm 

oiBBmiWTto. Mew yw. 


fnim im — 

rfnAmmiAtfie. . 


w «• f f C. 


‘“Y-"" “ th _ spring, w nc u us n«***^** come wc 

become more marked since tne M pro b a biy have been would not care to do so- under a. 

last economic forecasts- were - electe ^ with a narrow majority godai democratic banner. FG,- 
puhlished. and none of the dramatic events often sounds a muted 


Source; Coopers and Lybrand Dublin 


Brendan Keenan 


diiu jiwiiv u» — ~ ~ - . iuu, vav^** . % - - - . 

of the past 10 months would trumpet. . „ : . , 

have occurred. . . . ' ■ The departure of Mr Rtmard 


Nervousness and gloom follows bank levies 


nave ocraticu. . . • inc uchulimc v* 

Instead, the hunger-strikes in Burke to become an EEC C«“- 
Northern Ireland and then the wh inner for the second time, 

— _ . i'x billing . - .1 ..«: h Vai« aV.Iiui h XI 


lYUrUllCAU Altuuzu — TniS MUUCi iv * »»iv - v — — b •^ T ' 

SUrdust disco tragedy, in which aga inst the wishes of bis Ft 
48 young people died, upset Mr c(> iieagues, may -toe some indira- 

v-r i >. .iMnt.hlu ami fnrrp.ll -r UH-1a' Inuntlv The 


.......*v.v.v.v.v.%v.v.%%%%%s%^w.%w.%v*-.. s banking community 

A 9 •• 


Haughey’s timetable and forced ^ how tittle loyaity the 
him into a summer poll. parties, and their leaders, corn- 

By that time, the lead which m91 ^ a t present. ' ‘ r '*■ . 


Mr Haughey worked so hard — 
and so expensively— -to main- 
tain bad just slipped away and 
Dr Garret FitzGerald was 
elected at the head of a 


Testing time 

When aB is said and done, 
though. Irish politics JgflM t a 


•••■•••••••*■■*•• JJ 




feels under pressure 


eteciea ai me. u*. « uiuu^u, — "rVtiiihiiinr 

minority coalition government, remarkable picture 
That government fell seven The hunger-stnkesjn Nortnera 


mat govenumriiL »cu «;»»* j.uc uuuera.-w*-™- — ' - 

months later, after some par- Ireland In 19S1 tested tbe 
ticulariy maladroit handling of cal system as severely 


the parliamentary situation by ever been tested. z«. Jvr 
Dr FitzGerald. His carap^gn- amounted to a national 




Group 


Banque Nationale de Paris, France's 
leading commercial bank, has an 
international network extending over 
seventy-seven countries. 


In Ireland 


Banque Nationale de Paris (Ireland) Ltd- 

Subsidiary 

111, Grafton Street 
Dublin 2 

Telephone: 01 712811 
Telex: 25803 


SOMETHING of the present, 
mental state of. Irish bankers 
may be gauged from what hap- 
pened when the magazine 
“Business and Finance,” "noticed 
that a publication date would, 
fall on April 1 this year. 

To mark the occasion, the 
magazine produced a carefully-' 
written story about how the Gov- 
ernment was going to solve the 
problems of state industry’s in- 
debtedness — about I£800m — by 
obliging the banks to convert a 
large part of the loans into 
equity. 

Admittedly, it was a well-con- 
structed spoof. That doesn't 
quite explain the number of 
bankers who began reaching for 
their telephones when they read 
the awful news. Even now, 
there are some who wonder if it 
wasn't dangerous to put such 
ideas in Mr Haughey’s head. 

Tbe banking community feels 
under pressure as rarely before.- 
One very senior banker went so 
far as to say that ■ 1982-83 was 
likely to be the worst year for 
the banks in the 60 years of 



, 1QQ1 ing, though, CVU1U HUl *«f SUL-Il oiL4,s * , . 

was recovered somewhat in 1981 ^Sted and, against ati the; odds. Haughey and DrFiWG eraM 

but the outlook for this year is ^ ^ eQ ^ e( j j( r Haughey an over- managed not to -get cn*ri>tled 

PO£r* r - . _ ... - all majority, although the latter with each other -on. the lssue- 

Tb* are was able to form an admlnistra- instead, although^both v«re 

press profitability but there are pushed further towards 

other factors at work, most of ^ ven jf ^jg i s a tale of what- for the hunger strikes '.tarn 
them might-have-been, there is some either proba&ly wished, ^ey 

the evidence to support the conten- managed to walk the tightrope 

^£? r SSHpS “e n pX STS ?52S3?*SS$ 


Instead, although . both 
pushed further towards su»on 
for the hunger strikes mu 
either fnMtar inf*. 


cent innanon is eacmg away ^ showed j Wg3l pr0 por- 

Si ssssSJ-Tfimf » 


. hcq wim au i-uc 

-sea- - X22&L 


campaign snowea a xngji piuj^ui- .. r/veo uic . 

tion (over 50 per cent) dissatis- ments owe as much to tecom^ 
fied with all tbe ' parties and factors as to changes, m 

r.r -j.. - . v Hi* Trtmffl. W 


is much worse than was gener- 

■so aS S d n^^*S C b , SS^ Mtw«n *e tvo main leadma. SSienw bonndart® 
ff' “S, n n ^ cent This' was partly because of the - dependent .commission. _ t 

navmpnN de- sharp contrast in the person- that, governments 
pie balance of payment de- . f jc! ' ® on ortionai representation 


:a wuxi au me h* 11 irea ^ 

spicious of the politicians.' cal patterns.. Mr Dyrtth, a*™? 
In addition,, the election was, he came, -ter power, to. 
to a- -high degree, a contest handed oyer 1 Ihe drawing 


Jianucu c* L*«s . . In; 

stituency boundaries 10 


ts.'gfiji JFSSt * = ro *Sr l pouciS e ofltr 

SS’wSh thf^ation^te and Haughey and Dr FitzGerald, but system to some *egree,-£ 

toboiTOW 1 abroad it undoubted reflected a lade a theoretical advantage to. 


William Finlay. Governor of 
the Bank of Ireland 


unwillingness to borrow abroad 
for fear of devaluation, are all 
creating pressure on liquidity. 


icauug vu v . ■ 

W fi” flAr^bSi? they 1 


it undoubtedly reflected a lack a theoretical advantage 

of ideoloffcal and policy differ- pvra side. 

ences between the major . l^ie commission. bas 


own Sloe. its 

■ Ttee commission. bas done i® 

job so well that it -is now ^ 

citit. to. obtain' wx^oyer^ 


the Bank of Ireland may go higher before they go * „ ‘ " n ; “ w “ ; rr ; * ^ 

lower ad dine tn the problems hy what exactly Fianna Fail and majority ana UHiepeuociw^ 

_ ■ _ _ fn JjreJSSS* JT Sdu^ Fine Gael represent While FF ^ right constituency, have a 

The system is open to the SSSo » may be the party of the new fair chance of election. 


the banks in the eo years or serious objection that it Is not The trittfthe wealthy in Irish society, it 

Irish independence. under government scrutiny and KiOm r^cue paexage founded for the "men of 

.* .he -nmiSLi ffi ^.Z!L’SSS!?JSS£J , ? t SSTSSfiSJSS^dX- proPMty.” . 


wealthy in Irish society, it was 
' founded for the " men of no 


New address as from 30th April: 

111, St Stephen's Green West 
Dublin 2 


ID pari, IHc UCL VULWUWtf UUCh UHL ilCLCJOai MAJ IMVOW ■■ 

vloam have ‘been conditioned by the other incentive schemes. At 

the bank levies. What was sup- the same time, its fos would mere, but the^t^iRS nan ^aoy h ^' M ] ££ r "j ) 'r htzGeralA. but hSp thc^party’ but like «Jg 

posed to he a "once-off cotiec-- represent a major reduction in it sits with the Christian Demo- sue? juggling-'— they ^ 


Things may change, thoujjj" 
FF plans to gtye-the eomm^o® 
new terms of reference 


nys most over-borrowed far- property” „ew tenns ^refeftocej^ 

ravlut the tantatad ilready . TC ay.teN tag.« fWMb jrill, of coime. Jw 


posea TO De a unue-wu vx**".- feprebcm a uiojui -- - , - 

tion of I£5m in the emergency the aids available to foreign and po^tial baa debK. 

circamstances of last July, has domestic industry. v ^ ar 3«mJn^ with *»£ 
returned as a I£20m take in this The banks, though, are begin- argument with the. 


written off most of tne cost as r A/ a \*a 

potential bad debts. • 11 ^ ts with the Ctesban Dram- such juggling-— ?2: 

The banks are also locked in crats in the European Pariia- help ^ opposition, ^tarn^ 

argument with their powerful nient and contains some of the-, overall majority, if the 
. rm _ mna .HAM tha mnfft mnspnrat,ive PienifiQts. in ;<« Kiev onAiuth - - u ' 


returned as a I£20m take minis .The banks though, are oegm- ffiOA. werihe most conservative elements in 

year’s full budget, with no ning to wonder of the game b st^ umon, the society, especially on 

g»™« « is ^ last «i worth the c»fl<Uc. The_ lev;« “ social ani moral iia.es, . 


is big enough. 

In the meantime* the <h®jg 

ties of eovermng in a 


its kind. - . - were P”^?“ d ®?£7£*^ StrtlSent^rewbed&bly. - The Northern Ireland Issue have left theirmark on;po^,}>: 

_ * m a % Bankers anger at the levies ponse to the banks low tax the at least 15 per cent on brings out the subtle itifferences Mr Haughey “has 

. — » Ml . ... —I,-, rln flnnr *• Is not just over the amount of charges, pending the report me rost at ieaj io best, ' reflecting the parties’ evpenditures to keep ieft-w®^ 

m a S Bonou© Ndtionote 06 IvHTS % money from the Commission on Taxar iieSas/ ' origins. The system, whatever support which,in more 


Head Office 

16 Boulevard des Italians PARIS 75009 
Tel: 244-4546 Tlx: 280 605 


UtiUm mat usv *«*|**-v^ — 

in th«r capital base will reduce Ibe temptation, according to 


S S ( Sr it a barker, lift Nr Nod. Crowjgj, AJSfSTSLfi SwJSwW— 

WnSSrSa^iSsi 

about the structure of bank tax- Millet m?°B^ 'Sra, S AIMed ■ How long wk t^is consensus than dtSng hie last 

^ tax rhar.ea ZTES&SF S If; l^.T^ Labour^ha, left bwtoo^ 


—o — - i — u|KUiuiuiw w - — - .lira-- 

origins. The system, whatever support which, in more seem* 
its roots, has served the Repoto- circumstances, he aright hav®. 

II. ....11 .in.aai.lhr a. *l,a T*if4> , .... 


next couple Of years. origins. _ioe system,, wioaiever support 

The merchant bank sector has its roots, has served the_ Kepob- drcumsl 
been the fastest-growing In tic well, especially as the Irish avoided: 

. . ■ ■ m i..*.a 1 <mi Anni «■! ti? tomfo4 tfv nA -at Ano 


UK Subsitfiary: 

Banque Nationale de Vans p.l.c. 

8-13 King William Street LONDON EC4P 4HS 
Tel: 01-626 5678 Tlx: 883412 


'•tV.V.V.V.V.V.V.V.V.V.V.’.V.V.V.V.V.’.V.V**** 


a tion. means paying more lax, ana«i t 

The banks' low tax charges the Government make the Irish I 

result from the large amount of choice. ■ vesture 

low-interest loans and leasing it is true that the Irish banks almost 
which they offer to Irish iodus- have' maintained good profitabi- snares, 
try and which they can write lity until very recently. Profits Anot 

M : 1 1.^ rrvia id nnw 9 -anlrail in 1Q7S tuttan nM rirnfi t nY [HP 


mmd on economic meoiogy ana Haugheys line on 
soedai policies. Ireland seems distinctly 

How long wHi t^is consensus than during hie last tera^L 
last? The Labour party has left office, it may not befools^ 


* GnvprnmnH maita the Irish Investment nan* ana m*- , omra. « umy 

e Government nase vestmenl Bank of Ireland, have coalition to searcb for ite sodal- fui t « suggest that Has is-Pj" 

Itri true that the Irish banks almost 60 per cent of the market ist soul and to- ponder the 1^ aimed- at another ImtePg*®; 
It l^true jna^ tbe msn_Da^ p* sons from the success of SFWP Mr Neti BUiney, vri»a ?o*e £ 

ani4 TaRjuttno TnrtwtfnrfMfS TT. nn u.^ »„*'• "n},n. uaa. ' 


Another 30 per cent is taken and Teft-wing Independents. 

.. — * ..vatjianu This is good news for_ FF. 


SrSS-is; SSSs sftz jRssaasa '«SMser» 

asr-ss-rl iBgssai 


Mr lY-en ctancy, • wiwre 

Haughey niaat also; woo* ^ 
Blaney is the most oUtSDOk^^ 
republican member of 
The big hnanswered -qua*^ ; 


combined budgets 


Export Board, Research Insti- 
tute (HRS), Science Board and 
! Shannon Development Co. 


the per cent for Allied Irish Ranks ireiana oy xuoasp T^Tiin 

■ Group. The sharp fatt in 1980 motas high, with the ^ 


CONTINUED ON NEXT PAGE 


-r-al though J>r. FitzG eridd is still bone -td'J^t a-jnajprlty-' .1* 

aiming' for" the historic, break- -u. {: , 

through' of a FG gqvwnment . '< '[ 

















MA. X - -5... . 

-v; v . 





* ifc. 



j isfc,...- : •-■; • -. 

jSbeiai "tartes 


April 16 1982 


IRELAND m 


& cost of importing raw materials arid export costs make it difficult for companies to break through into the big league 


problem still the Irish Sea 


PL * 5Jv 


YOU 'KNOW iyoii are on the 
right road- to Hanhui’s of 
Longford ' w&dh iwtr new 
ambulances pass on the back 
of avehicle transporter head- 
ing towards Dublin. But the 
place is still difficult to find. 

For Mr “Noel Hanlou produces 
700 ambulances a - year "for 


(£5.Gm) - and exports more 
than 90. per cent of output 
from a small market town in 
the middle of Ireland is rare- 
: enough , for him to' win the 
PA/Irish Times management 
" prize last year and to merit 
~ : mentions in reports on Irish 
. industry. 


a- garage owner when a local 
hospital just up the road' 
asked him to tender for the 
supply of two ambulances. 
We couldn’t find anyone in 
Ireland who made decent 
ambulances so we decided to 
make them .ourselves." Mr 
Hanlon says. 


ambulances a year to such 
countries as Syria, Iraq, 


a new range of product—, 
cream liquers. ; 


SPw vet although there has Indeed 


has high hopes of breaking 
into the Belgian and German 
market .which is mov ing 
towards a more British style 
of. ambulance. 


tions from headquarters in 
Dublin ‘which exude quiet 
confidence and achievement 


50 per cent of earnings 
should come from overseas 
by the end of the decade. 


been a transformation in tbe 
nature, volume and destina- 


at breaking through into the Cement Roadstone moved 


international league. 


“ iddI ? The Teles' report on. Irish He decided «here was an oppor- SS 


East markets from a network 

of workshops at the -back of 

a.. Teaaa -garage where he 
began his harness life sell. 
• in* petrol.- ; 

Mr Hanlon’s achievement in 
building a “business .which 
. empipys 315vpeople..has an 


industrial policy says that of 
hundreds' of new metals and 
engineering firms established 
in the 1960s and ’70s only 14 
now employed more than 100 
people. ■ Hanlon’s was one of 
only two of those to be ex- 
porting significant amounts. 


trinity to supply the Irish 
market for ambulances and: 
. imported a couple of key. 
. experienced people : from 
England. By 1972 he ' had 
supped his first ambulance 
-t-o the UK' and now has 25 
per cent of the market there. 


an example of what local 
industry can achieve in 
. Ireland and of the riiffiwiin're 
“ Our biggest problem is the 
Irish Sea/' he says. - Trans- 
port costs on bringing in parts 
and getting each ambulance 
to the UK are £200. ImDorted 


tion of Irish exports, the pro- Cement Roadstone is already 
cess has been largely led by getting dose to its target of 
foreign mul tinationals which earning a third of its profits 
have been attracted to the overseas, and last year 
country Jefferson Smcufit’s American. 

Tn 1Qqn ___ T - , activities were TesponMMe for 

46 *** cent of group safes 

exports were live an i m a ls and and 60 per cent of assets. 


«t were man* The Trieste S h££rer. 


Mmu»ltumo.«r at la.Sm SKTSSS £K*Bi SSTS ■ ^SSlS^SFA 

• .... ; and resins from which the 

' r . • • body shell is constructed, 

,/ Seminars help companies to identity markets \'5S+J~3mP£LM 

- » j. ■ added on. 


factured goods.. In 198 1, 
more than 60 per-cent were 
manufactures. In 1969. 65 per 
cent of Irish exports went to 
the UK and onlyli per cent 
to the EEC. . Last year, 
reliance on the UK market 
fell, below 40 per cent for 
the. first time and the EEC 
look 30 -per cent of Irish 
exports. 


J*? 1 competitive Despite a difficult year with 
• t ^ Je ^? ca 5 on ^ ca } J5e many exporters' squeezing 

“ d low profit margins to retain mar- 


part 

nges 


as a 


REPRESENTATIVES of more, 
than 100 small Irish companies 
travelled to theism all market 
town- of .XeUs, . r nprlh-we®t ■ of 
Dublin, ' last "month. They were - 
there to— attend =a seminar- 
organised jointly ..by the Irish 
Industrial.. Development 
Authority . and ; - ^estinghouse 
wEdfc has- tme : of, its seven 
Irish 1 plants - in* a town ohpe 
more famous .for Its Celtic 
cross than the level' of its in- 
dustrial developments 

The purpose of the seminar 
rente to confront the -Irish busi- 
nessmen with examples _pf_ the. 
866m worth of components 
which -Westinghouse -imports 
every- year for Us Irish opera- 
tions which range, from the 
manufacture of open -plan, office 
furniture to refrigeration -units 
for lorries -and electrical, con- 
trol equipment. ....... 

The . hope was that some at 
least of the businessmen, who 
were given large eopies'of tech- 
nical drawings to take away, 
will come back with, bids ft>r 
some of the Westinghouseyfcftk 
and help to mince , the l£35bm 



difficulties traditional industries - Liverpool not Longford. He 
were facing in the UK market. plaits to produce mini bus type 
The Telesis report; due to be vehicles for sitting patients 
published next month praises and not enough value could 

Ireland success in .attracting be added in Ireland to make 

new industry but wants that the operation profitable. 

“no country has succeeded' 1 in Apart: from ambulances there 
developing high levels of indus- ■ are local Irish companies like 
trial income without developing Dogget of Cork which is 


despite the location because 
of low overheads and low 
costs ’■ but says he - is now 
having to cut into profit 
margins to- counteract tbe 
effects of inflation now at 
around 21 per cent 

. More expansion 

Sjs next expansion will be in 
Liverpool not Longford. He 
plaits to produce mini bus type 
vehicles for sitting patients 
and not enough value could 
. be added in Ireland to make 
the operation profitable. 


saw the spread of Irish com- 
panies through acquisition as 
a structural dilemma in the 
Irish economy. 

“ At the same time ’ as tradi- 
tional Irish industries are 
.finding it difficult to muster 
the resources to build success- 
ful International businesses 
most of the largest and 
strongest ■ are investing 
abroad in businesses only 


abroad because their products 
were usually too bulky for 
export, because they did not 
want to be completely depen- 
dent on one small economy 
and because they thought 
diversification into products 
they had no experience of 
too riSky. 

“We have learned a lot from 
the Americans. It has done 
the company good from top 
to bottom.” Mr Culliton says. 
Tbe company, which bad a 
turnover of I£354m last year, 
has deep roots in Ireland and 
Mr Culliton expects that it 
will build other projects in 
Ireland using the interna- 
tional knowledge and. skill 
■ acquired. 



, ’-~.y , 

-AfcBSfey? 
• ■ - v 



V 


profit margins to retain mar- employment and exports.” • 
kets the Irish Export Board Mr. Jim Culliton, chief execu- 


expects a volume increase of 
exports of 8 per cent to 
I£5.77m. 

Although Mr John Healey, 
assistant chief executive of 
the Irish Export Board con- 
cedes that Ireland has come 
late to the skills of market- 
ing, has so far produced few 
internationally branded pro- 
ducts .and needs to devote 
’ greater investment to product 
development and research 
the country’s export achieve- 
ments have been very real 


minimally related to Irish Mr Howard Kilroy, chief opera- 
employment and exports.” lions director of Jefferson 

r.Jim Culliton. chief execu- Smurfit says that by the 


tive of • Cement Roadstone, 
points out that apart from 
-acquisitions in -the UK, 
Holland,- -and -the mountain 
states of the-ILS. the company 
has also invested in a I£30m 
joint venture with Hepyrorth 
Ceramic to produce sea water 
-magnesia for the refractory 
industry worldwide.. A new 
technology has been intro- 
duced to Ireland and very 


Jim Culliton. chief executive 
of Cement Roadstone: I£30m 
joint venture with Hep worth 
Ceramic brings a new tech- 
nology to Ireland. 


nature of their product the - Ceramic brings a new teen- 
company has not been export- oology to Ireland, 

ing jobs. - 

“ Through investing abroad we processing and financial ser- 
have protected our base in v j ces 

Ireland,” he said. _ __ _ __ , M _ 

“We are very conscious that Jefferson Smurfit hopes to 


we are an Irish company and 
we certainly want to remain 
in Ireland provided the tax 
and currency legislation is 
tolerable.” 


high value added to a hear But the company believes in 


worthless raw material. 

11 countries 


the underlying strength of 


crown its achievements as a 
multinational by establishing 
a Dublin-based bank, in part- 
nership with Paribas, the 
major French banking group, 
to provide venture capfcal for 
Irish industry. 


a strong indigenous sector:” 

• It argued that “ the oppor- 
tunities for Irish industry lie 
An ‘better exploiting the market 


are local Irish companies like But almost as dramatic has been 1 1 ennnfripc 
Dogget of Cork which is : the emergence in' less than a 

exporting excavator buckets, * decade of the first Irish multi- Last year, the first year of 


the U.S. economy and is in- The plan was announced last 


and Biocon of Cork exporting - nationals. Companies such as 


enzymes for the European 
brewing industry. 


Cement Roadstone, producers 


production 50.000 tons were 
exported -to 11 countries. 


vesting heavily in its U.S. 
operation Alton Packaging. 
We will make further acqui- 
sitions in tbe U.S., certainly 


August and negotiations for a 
banking licence are still 
going on with the Irish Cen- 
tral Bank. 


in the medium term," MT “ Wc arc hopeful. If they had 


provided by multinational com- Waterford crystal has achieved 


of cement aggregates, and “ Let Telesis put that in its Kilroy says. 


Padralc " White, managing 
direttOT of - the Industrial 
Dotiopmed Authority. ' - 


pan res currently in the country 
and in expanding current Indus- 
tries now serving, only Ireland 
Mid the UK to serve the whole 
Common Market and beyond.” 

Recent industrial develop- 
ment, it claims, has not brought 
this about and it is unlikely 
that a continuity of. current 
industrial policy .will do this in 
future.'. .... 

Teless recommendations in- 
clude a cut in the average grant 
levels for foreign owned com- 
panies. a sharp reduction for 
indigenous companies which 
are not exporting and substan- 


'■ -4 

• srr ■ 


vwut .«/ BIB. wiiu. U1US tor .t, i_ ^ UKUKBJ1UU3 iwuwiuKi muui 

some of the Westinghouse^otk JLtf 0 r *» not exporting and substan- 

and help to reduce . the tial increases in funds devoted 

f£454m) -Which It esSS the development of local 

IDA^atfmd -comp&eerJdi^ export businesses. 

: • ? Jobs m pipeline 

act as a matohdeu^- indus- Mr Padrtac White, managing 

.Sis -multinational 
mfe it has been i 


: ftSt ^^.eense Ireland's industrial 


export businesses. 

. Jobs in pipeline 


Indus- yir PadrtSc White, managing 
> revolution, has ...been director of tbe- IDA, empha- 
•d. Its impact and sue- sises the continuity of Irish 


dtwto it has been rosuccesshti awwevad. Its impact and sue- sises the continuity of Irish 
TOltracting to It«l«Bd ovft^the we noav being assessed industrial policy and believes 
PfcStHtwo decades and the the plans are being drawn there will be no cancellations 

s leal ! companies which have 'to tor, Phase II to deepen and of programmes or reversals of 
'tattl-now been reticent in ex- extend the industrialisation that policy. But he accepts most of 
- plating the situation to the be S an being grafted on to a the Telesis recommendations 
fliU~New small supply com- ne * r P easant society. and the EDA is already devot- 

paaias have been springing up. Tbe IDA is already at work greater efforts to persuad- 
Tfee metai presentation cases, drawing up its next 'five year tog more companies t0 export 
mpie. for -the pens pro- plan which will come into to strengthening the base 
Awed.# BaJtituwlqd: by A- T, operation from January and is of existing Imh companies. 
4RMK,^4tob. U& pew mamrfaor also preparing a 19 year stra* ■ He does however, reject as 
WBMtoamoow maS by West- tegicplan. * • . “unsound and unrealistir” the 


West- tegicplan. 


He does however, reject as 
unsound and unrealistic ” the 


pakr. Presentation, a company Next month the National new that .grante of foreign 
W-ap bydfarae kjcafimen. - But Economic and Social Council companies could be cut or that 
. Mok tgttpMtas havft-been rela- will submit to the Government Ireland has been in some cases 
tivrty fttr and have bad its overview - of four reports been paying too much to 

difficulty meeting «ie econo- rommissfoned- -on Irish indus- attract foreign industry, 
miss of sfiale. qoajfty oc rella- trial poIlcy“tecluding studies ■ Indeed, because of a declin- 
MUty neoanary. for- supplying on infrastructure, the extent to ing level of mobile inter- 
. tht-HUMteationali. w ' which new jobs created have national ^ anvestmeit the IDA 


' .-Ai -fi-: i r • - -• v* been sustained and an assess- said at the end of last year that 

^ rtmcf nreif^ mart by -Tele^s, tbe U.S. .it would be compelled to offer 

:r. • management consultancy. an increased level of incen- 

The signs are growing that lives tins yew.. ■ 

-the arrival of more than 800 the NESC recommendations to The IDA hhs .stul jobs in the 
torpiga Arias wWoh have . in- the Irish Govenunent will pipeline and it believes it will 
vMNrft".{.I£^8bh at historic amount to a radical re-emphasis meet ito target of 15,000 new 
priowL, Areas whiqh.'onoe. ex- and re-organisation of? : policy jobs this year and vwth it the 
PPfttd only people or animals fundamental enough .to .make job creation target for the 
ra the hoof are now sending the review relevant until the ! 1973-1982 plan, 
out latootronic, consumer'' and end of the century. It is be- IMED, a U.S. health care 
bealoi care "goods farthe world lieved. that a : more -selective company, for instance, is re- 
masbM- approach to attracting foreign cruiting for a new factory- in 

Tha> attraction of mobile kb- . firms will be advocated and a Letterkenny in Donegal which 
vestiueut from abroad! will re- more selective use of incentives should employ 400 by the end 


mate the central plank of- Irish together with a greater empha- 
Indshtrial policy. sis os developing indigenous 

" : ;Bwt-i there is' a jrowlBr.^ industry. * - • 
alkstion that the mere cxis- Dr Noel Whelan, chairman of 
tenoe of high technology the National . Economic and 
io mtiga -compafitas will not Social CounciLsaid the fact that 
Beceaari^.. by itself lead to a industrial policy was being re- 
ttnmg divereffiril indigenous ..viewed was in no sense a 
industrial sector. . criticism of existing agencies. 


together with a greater empha- of the year. . Earlier in the 
sis os developing indigenous month Mr Gene Amdahl cut 
Industry. * the first sod for a plant near 

Dr Noel Whelan, chairman of Dublin where his latest com- 
the National Economic and pany,- Trilogy will -build a new 
Social CounciLsaid the fact that powerful IBM-compatible main 
ihdustriti policy was being re- frame computer. 


An expansion of an existing 


dustriel sector criticism of existing agencies. U.S. consumer products group 

The active encouragemem of It was necessary because of in Ireland which will involve 
linkage ” between mf multi- such social trends is Ireland’s 600 new jobs is awaiting final 


"linkage" between rive multi- such social trends as Ireland’s 600 new jobs is ewa 
and Irish compan ies growing ‘ labour forop^-half the Government approval, 
tt . JUfceiy . io be ; given much population is under 25— inten- There are also of course the 

' % ■ _ T>^k 1 - - • Ia c c o c ' rtf 1 PAelM 


treaty emphasis in Irish in 
dB|ttiaa policy tn future. 


Banks under pressure 


Cd/HNUSED FROM PREVIOUS PAGE 


the French CCF, to take a- stake 


aifying competition for mobile losses both of traditijm^ Iririi 
investment and increasing- industries and -of job cuts in the 

new companies.' TnrvecoL a 
V health care product manufac- 
turer had to dose . one of its 
i— three factories at BeknttHet in 

✓I PlvobuIC in the very west of Mayo. 

. * But Mr White Was relieved 

. that despite the recession that 
PREVIOUS PAGE the .net job loss was held to 2 

per cent last year. 

. Roth ■ those assumptions The EDA's rescue unit has 


hrCf&SDuwin Bank, and the proved incorrect, but the basic been kept busy and^ 350 com- 
«pw£g oT ABN’s new Dublin analysis still stands. Levies will parnes are being monitored from 


opening of A 
bMAptarlen. 


have to. end and interest rates week-to-week so that urgent first 


They are ' attracted by the will eventually fall, although aid can be offered in time if it 
historic growth in ‘the Irish at what price to the. economy is is needed. ■ 

.economy, which enabled mer- not yet known. ,. There is also some evidence 

ffSnS to iSutse |belr . -R iida and co. believe that 

share of nm-gowunent credit _ n ^ poor CCA results t0 '5ft }^ e S 

im to S&9 ^ bf impSved significantly SSSSa^ST^iS 

P» cent in 1880. . »»n Inters bv adjustments to the banks’ JJ™ ^sTSSHitf 
hank deposits grew >y 29 per capital structure. In general. 

.jw^er “ 

Vie Irish Central Bank, even if the exceptional titere will sufficie nt tedi ca- 

which. ;effecuvely dices. Irish 1 >«eire of ^8*78 have wfeBonx ,0 ” JPj of 2^ rmswn 
hank, profits, te known - to be- - and the beginiringof reasom^y 

liRwj That profits are not esc- - m * 1Taa3 r a rastamed growth to change the 

Cfcqfov fit rpi^on tp maintain- Assuming they can sort out business and investment atmo- 

lax- K& adequate rapitst base, their differences with govern- sphere." he »!*- • 

and to b* ‘ unhappy abbux ^the ment and their own Stiffs, Ihe To take advairtage of the up- 
- levies." • ■■ Irish banks are probably well- turn the EDA has launched its 

At. the same time, the Irish: placed^ to take ad-rentage of biggest advertising, . marketing 
QoverntaetU oodc and economic recorery anoresume and promotional campaign in 

broken, Rlada . and Go., ink > the aoccesses of the 1970?. But, u^. and spendine I£m new 
H optimistic view dflhe tbt^pw Eke many others, they a re be- mon ey to get across the number 
trim /prospects for Irish banks 'ginning to scan the urasgm of famous UJ?- names already in 

}ftreathey produced a review of SuxtottSly as the signs of im- Ireland and the fart that “We 

the me Two in January, They e^uyement remain owtuatciy are. the most profitable .place in 
ftHOWfak'ftr W View. ; Europe” 

K^eaan _R. S. 


faff : ?7-V/ :* t 


R. S. 





a dominant position in the 
U.S. market and Bailey's Irish 
Cream has effectively created 


other buil (ting materials: and 
Jefferson Smurfit. the packag- 
ing and printing group, direct 
growing international opera- 


and smoke 


Mr Jefferson Smurfit also believes 


Culliton said. The company 
expects to make further 
acquisitions in tbe U.S. and 


in “ sticking to its - last,” 
although it has diversified 
into timber, agriculture, food 


found it easy fo refuse us. 
they would have done so by 
now." Mr Kilroy says. 

Raymond Snoddy 


IRELAND TODAY 







I SI 

ri 




ently, 

ervear. 


REPUBLIC OF IRELAND 

The most profitable industrial location in Europe 

amua ' ratum on Vestment tor US 

I r>A IralanH A. - 2l®J ris h i aovanimenfs industrial development agency has offices In London at 58 Davies St, London W1Y1LB 
■ WH llviCII IU Offices also in Dublin, Amsterdam, Paris, Cologne, Stuttgart, Milan, Copenhagen, Madrid, New York, Chiqaqa. 

Los Angeles. Houston, Cleveland, San Francisco, Boston, Port Lauderdale, Sydney, Tokyo. 





32 


Financial Times Friday . April 16; .19.82 


IRELAND IV 


Cl 


t: 

is 

A 

L 

tl 

ti 

b 

Si 

tr 

$ 

fi 

t; 

g 

0 

L 

o 

t 

j 

t 


The tendency of people to spend more abroad 
has not been matched by incoming tourists 

A gap that worries 
the tourist industry 






IRISH TOURISM has been in 
serious trouble for more than a 
decade. While its failures have 
been blamed on the civil strife 
in Northern Ireland, there are 
dear indications that it is un- 
likely to regain its previous 
dominant role in the Irish 
economy. 

In the 1960s. tourism grew by 
an average of 6.5 per cent 
annually and for a period was 
either the biggest or the second 
biggest earner of foreign cur- 
rency. 

All that changed with the out- 
break or violence in 1969. 
Growth was no longer assured 
and the overall performance 
was determined not by the 
merits of the promotions abroad 
but by the level of violence at 
home. 

Now. 12 years later, incoming 
tourists total 2.2m — an increase 
of only 300,000 since the first 
sign of trouble in 1969. In the 
meazmme. both parts of Ireland 
have lost over I£lbn in tourist 
revenue, according to a recent 
survey, and there is still no 
reason to believe that the worst 
is over. 

While tourism has declined 
in importance, Ireland's farmers 
have watched exports grow 
annually, particularly since 
joining the EEC. Industrial 
development has also outstrip- 
ped tourism pushing it into a 
poor third position in order of 


importance. incomes rose. 

Few now believe that Ireland: In addition. Ireland’s high in- 
should seek to become a mass flatioo rate during die 2970s was 
tourism market. At best it could not fully reflected in the decline 
expand steadily like it did Ini. in the Irish pound’s- value 
the 1950s— provided there was against other currencies. 



Budget proposals to tax windfall profits may 
slow developments, says Raymond Snoddy 


ire Dublin's fair city: the O’&mneU Bridge, leading 
to O’Connell Street. Below : a flower-seller in bust/ 
Grafton Street 


Uncertain times for 


property 



a long period of political peace 
in Northern Ireland. 

The poor growth of tourism 
over the* past decade has .led to- 
a dilution . of its contribution to 
the expansion of the economy. 
Moreover, as' incomes grow, 
there has been an increasing 
tendency for Irish people to 
holiday abroad. Last year alone, 
250.000 Irish people had a 
foreign vacation and, according 
to some economists, they spent 
more than was earned by the 
tourism industry at home. ' 


Marginal 


The Irish Tourist Board 
fBord Faiftel tends to challenge 
this conclusion but admits - that 
the gap between the money 
spent abroad and that earned 
from incoming tourists is now 
marginal. ! 

Only ten years ago, Ireland 
was making twice as much from 
visiting tourists as was spent 
abroad. The net result is that 
tourism is now adding to the 
balance of payments deficit 
rather than stabilising it. 

Spending by Irish holiday- 
makers ■ abroad quadrupled 
between >970 and 1979, -as -real 


;■£ 


If you do 
business 
with 
Ireland 


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CONROY 

PETROLEUM 

and 

Natural Resources Limited 


An Irish Public Company 

participating in Hydrocarbon and Mineral exploration 
in Ireland, in oil and gas exploration and production 
in the United States and in Hydrocarbon exploration 
in the North Sea. ■ ■ - 


Conroy Petroleum and Natural Resources Ltd., 
32 Molesworth Street, Dublin 2. 

Tel: 767635/767637. Telex: 31818. 


Faced with the exchequer 
problems of more and more 
Irish people holidaying abroad, 
the Irish Government is now to 
introduce a tax of £3 on all 
passengers using air services 
and £2 for ‘hose’ buying boat 
rickets. But so one believes That 
the new tax will hit foreign 
holidays. 

The tendency by Irish people 
to spend more abroad had not 
been matched • by incoming 
tourists: A report compiled by 
The National Social and 
Economic Council published 15 
moaths ago showed that Ireland, 
has been earning significantly 
less than other countries from 
each tourist since I960. 

“ It is quite clear." the report 
• said. ** that we are now attract- 
ing the’ type of visitor who- is 
' either unwilling or unable to 
spend at the same level as in 
‘ previous years.” 

Even more disturbing, the 
report estimated that much of 
the money spent by the Tourist 
Board on promotions abroad 
gave little return. For instin-.’e, 
it reckoned that some I£7in 
spent in Britain in 1977 resulted 
in only I£10m of extra revenue 
from tourists who would not 
otherwise have come to Ireland. 

The findings have not so far 
persuaded the Tourist Board to 
revise its techniques but with a 
new chief executive now taking 
over responsibility, a number of 
major changes may be on the 
way. 

The overall health of the 
tourism industry is primarily 
dictated by its success in 
Britain, the main market Last 
year, more than lm tourists — 
nearly half the total, arrivals— 
came from Britain and the great 
majority bad some family con- 
nections in Ireland. 

.The Tourist- Board claims 
that the industry did well to 
hold the decline in this 
market to 4 per cent, given the 
major problems experienced, 
especially the political tension 
generated by the prolonged 
H-Block hunger strikes. 

Of the three markets which 
serve Irish tourism in quantity 
— Britain, the United States 
and -Europe — Europe is the 
only one which has no ethnic 
content Ireland’s appeal on the 
Continent is founded on an. 
interest in activity-based holi- 
days -such as fishing, golfing, 



motoring and horse tiding. An 
important advantage is that 
holidays extend beyond the 
peak summer months. 

Despite a heavy promotion 
on the Continent, the number 
of visitors last year at 331.000 
fell by 1 per cent, largely 
because of the economic 
recession. 

The only market to show .a 
growth in 1981 -was North 
America which produced 
331.000 visitors, an increase of 
7 per cent The good perform- 
ance here stemmed mainly from 
the attractive air fares on the 
North Atlantic and the strength 
of the U.S. dollar. The tourist 
Board also looks to the U-S. 
this year to provide most of the 
growth, estimating that it could 
he of the order of 5 per cent 

The problem <vrcer:enped hv 
tourism ere best illustrated by 
the hotel industry wh:?h hni 
seen many clesures. countless 
job 7 o'-?es and a rundown of 
facilities. 


Prices pegged 


About Mlf the ho»eis hive 
failed to imke a profit in th° 
p«t two years after necking 
urines at the 1990 level in fh? 
hone of incre’^ne their r<r-- 
ov-r. But th* ext-o volume d<d 
not materialise and th"v are 
hov- faced with a Hnbs'n's. 
Choice, either ho’d prices frr a 
further year, which few can 
afford, or raise prices to take 
account of two years’ inflation. 

Another victim of the reces- 
sion has been the State-owned 
airline, Aer Lingus, which has 


lost over L£20m in the past two 
years, all of it due to unecono- 
mic fares on the North Atlantic. 

Like many other world car- 
riers, Aer Llngus is now badly 
in need of equity to alleviate its 
losses on the Atlantic and 
reduce its foreign borrowings. 

But with many other seim- 
Stare bodies queueing up for 
urgent Government funds. Aer 
Lingus will have difficulty in 
getting anything like the I£50m 
it has sought. 

There appears to be no 
simple solution to the problems 
facing Ireland's tourism indus- 
try which was worth I£245m 
lost year. As long as the 
Northern Ireland violence con- 
tinues, tourist numbers will not 
grow appreciably. 

The fact that an increasing 
.number of Irish people are 
opting to spend their holidays 
abroad signifies dissatisfaction 
both with the price and quality 
of Ferric? at home. 

The core of the problem lies 
in high rate of inflation itself. 
Until step; are taken to ensure 
that Ireland has a relative price 
advantage in the tourism 
sphere. it cannot expect a sub- 
stantial increase in the number 
cf fere-*"!! vYtor? or a me in 
the number c f Irish people who 
2T2 Dreperefi to spend their 
ve^Hons at home: 

Only when the violence ends 
and the tourists can be con- 
vinced that Ireland represent; 
value for money will the indus- 
try berin tt grow significantly 
in real terms. 


Jack Fagan 


GIANT cranes still hover over 
Georgian squares in Dublin as 
work continues on the new 
office blocks that Have trans- 
formed the face of the city. 
There are enough large holes in 
the ground and noisy work in 
progress to suggest that com- 
mercial property investment 
has indeed been one of the few 
sectors to avoid the recession. 

In the face of all the eco- 
nomic indicators work has just 
begun on one of the largest 
developments planned in the 
Irish capital— stage one of a 
development scheduled even- 
tually to involve over half a 
million sq ft of office, shop, 
residential and recreational 
space. 

The Irish investment market 
has matured. Though the 
amount estimated to have been 
invested in property by the 
Irish institutions, last year at 
L£55m (£45. 4m) was down -from 
I£64m in 1980— largely because 
of a lack of suitable develop- 
ments — it compared with only 
I£25m in 1976. 

Irish institutions, such as 
Irish Life, with one-third of its 
I£lbn assets in property, are 
“ awash ” with money and can 
now take on the largest Irish 
investments without outside 
help. Developers which have 
benefited from the industrial 
and commercial boom of the 
1970s, such as the Bohan group, 
have not only grown to be major 
companies but have moved into 
investment themselves. 

Growing unease 

Yet, despite signs of long- 
term strength — Dublin is still 
very under-officed compared 
with most European cities and 
the service sector is growing — 
there is growing unease. * 

Some developers fear that 
budget proposals to introduce 
a 2 per cent levy on office 
development a tax on derelict 
sites and on windfall profits 
may slow the pace of develop- 
ment. 

The Royal Institution qf 
Chartered Surveyors- has .- 
warned that' the derelict- site 
tax could discourage developers 
assembling sites for major 
developments and lead to 
smaller piecemeal projects. 

“ The additional cost of a levy 
on office development at this 
time, when the viability of 


Brendan Keenan discusses the effects of falling oil prices 

Oil exploration excitement fades 


NINETEEN EIGHTY-ONE was 
not a good year for those in- 
volved in Irish energy explora- 
tion. The high hopes with 
which the year started were not 
realised, and the falling price 
of oil cast doubts on the value 
of . exploration, in Ireland’s 
rougher. deeper, offshore 
waters. 

On the other hand, the year 
saw considerable progress on 
the domestic energy scene, with 
Ireland’s dependence on oil for 
electricity generation reduced 
dramatically, and approval for 
a pipeline to take gas from the 
Kinsale field, off Cork, to 
Dublin, and perhaps on to Bel- 
fast. 

The many investors in Irish 
oil shares who are now nursing 
large losses can testify to the 
difficulties and uncertainties of 
offshore exploration. Shares 
were buoyed up during the year 
in anticipation of good resists, 
particularly from Bp’s two 
wells in 26/2S and Phillips' well 
in 35/8. \ - 

In the event, both these 
blocks, which are in the Porcu- 
pine basin off the west coast, 
produced inconclusive, even 
disappointing, results. Both the 
BP; weUs were dry, showing that 
the oil encountered by previous 
wells did not exist in the two 
separate fault blocks drilled. 


Complexity 


BP sources admit to being 
puzzled by the complexity of 
ihe structure they have en- 
countered on the block. As a 
result, they plan to use the 
relatively new and expensive 
techniques of three-dimensional 
seismic this year to try to get 
some definitive answers as to 
what lies beneath the seabed. 

Phillips are also poring long 
and hard over the results from 
Their drilling .programme. The 
well drilled last year flowed oil 
at 925 bpd, a feet which gave 
the then Irish Minister for 
Energy. Mr Michael O’Leary, 
grounds for optimism. 

His _ optimism does not seem 
to- extend to (he company, 
which had a couple of bruising 
encounters with the Depart- 
ment ' of Energy over welL 
depths and whether the well 
should be artificially stimu- 
lated. (In the end, safety con- 
siderations prevented stimula- 
tion.) 

Phillips has a committment 
to drill on a different Irish 


block .this year but has still not 
made dear its Intentions on 
35/8. 

Share prices reflected this 
lack of firm success, and were 
not much encouraged by a show 
of oil on the Cities Services well 
drilled off the soutfi coast in 
the Fastnet Basin. 

Shares in the high-flying Aran 
Energy, which had 16-67 per 
cent of the BP operation, fell 
from a high of 112p to reach 
a raid-winter low of 28p, from 
where they have barely re- 
covered. Bula Resources, 
launched during the year at 
50p, never got about 60p. and 
are currently below 20p. 

Even Atlantic Resources, 
whose launch produced extra- 
ordinary scenes oo the floor of 
the Dublin stock exchange, 
came down from 416 to 200. No 
doubt there will be a recovery 
during this season's drill] ing. 
but it is unlikely that investors 
wQI_.be quite so enthusiastic. 
The companies will be trying to 
acquire less risky prospects 
across the Atlantic and in the 
North Sea. 

Indeed, it is unlikely that 
Irish oil exploration generally 
will generate quttte th«* excite- 
ment of recent years. This was 
evident in the response to the 
government's offer of 108 
blocks in a second licensing 
round, which Hill be allocated 
next month. 

In the event, the total of 44 
blocks applied for was better 
than some early predictions 
suggested. There was. not sur- 
prisingly, some overlapping 
and the government hopes to 
persuade companies to take np 
some blocks not bad for in the 
initial application. Elsewhere, 
"open-door" allocations will 
continue. 

Most interest centres in the 
Celtic Sea where new seismic 
techniques have (managed to 
penetrate the layer of chalk 
which lies over the basins. 

Clearly the companies Kke 
what they see. particularly- in 
quads 48, 50 and 57. The shal- 
low water in this area also 
makes it a much more attrac- 
tive commercial oroposifiion 
than the 1.000 ft plus encoun- 
tered in the Porcupine. 

A puli cations have also been 
received in respect of the Por- 
cupine and the Kish basin off 
Dublin. The Department is 
anxious to encourage explora- 
tion for gas in this area, 
because of its proximity to the 


major centre of population. 

The transition to the second, 
round, and the general review 
of the Irish scene, means that 
no more than four or five wells 
are likely to be drilled offshore 
this year, although the total 
could rise to six. Officials hope 
that, after this year, they can 
get back to an avers'*? of .eight 
to ten wells per year. 

The contract for construrticn 
of toe gas pipeline to Duh T ' - 
was awarded to the DutchrTriri: 
consortium. Nacao-Irish Encc. 
and work Is due to start later 
this year: it is due for comple- 
tion in 1984. There are still 
difficulties about distribution of 
the gas. The existing Dublin 
Gas Co is having industrial 
relations problems, despite a 
comprehensive work agreement 
negotiated in anticipation of 
receiving natural gas. 

Oil imports cut 

.Gas has already enabled the 
Electricity Supply Board (ESB1 
to reduce dramatically its use 
of Imported oil. Two years ago 
the ESB was 75 per cent 
dependent on oil, now the figure 
is below 60 per cent. When the 
major coal-fired station at 
Moneypodnt on the Shannon 
estuary conies into operation, 
the proportion will fall to 40 
per cent. 

According to official figures, 
the use of gas saved If I47m in 
oil imports last year. 

There are still those who 
argue against the use of gas, for 
electricity generation, because 
of the calorific loss, and in the 
state fertiliser plant. NET. 
because it pays less than the 
-potential price which could be 
charged to direct customers. 

This opportunity cost has 
been calculated at UlOOtn a 
year, NET and ESB executives 
both argue, though, that at will 
not be possible to find sufficient 
private users of the gas, even 
if the pipeline is extended to 
Belfast 

That decision had already 
been taken in principle by the 
two governments, and all that 
remains is to hammer out 
details of amounts and price. 
Negotiations will be tough but 
it seems unlikely that they 
would be allowed to break down 
at this stage. 

The Other major decision 
was the state takeover (for 
If 6.7m) of the Whitegate oil 
refinety in Cork, after the com- 


panies operating it decided it 
was uneconomic. 

This decision has not met with 
approval in business and 
industry, where it is seen as 
perpetuating high Irish energy 
pricer- The deal will add Ip 
a gallon to the existing price 
of petrol, but that price is 
atreadr ■' , t least 5p dearer than 
the lo-.v-t available in Europe, 
new Industry and Energy 
•'“07. ?tr Albert Reynolds, 
arjves that the country simply 
could not take the risk off 
having no refining capacity. He 
believes that the involvement 
of the state oil company. INPC. 
may enable crude oil to be pur- 
chased at lower rates than the 
major companies supplied 
Whitegate. 

Certainly. Mr Reynolds has 
made prices one of his priori- 
ties, and not just where the 
oil companies are concerned. 
There have been tough meet- 
ings with the ESB about why 
falling oil prices have not, so 
far, been reflected in charges 
to the Irish consumer. 

. Mr Reynolds’ Department and 
the Department of Trade and 
Tourism, have already suc- 
ceeded in getting the companies 

to drop the price of pe&of by 
around Sp a gallon. 

Mr Reynolds hopes to go 
further and present an overall 
assessment of energy supply 
and pricing for the economic 
plan promised by the present 
Government. The policy would 
also include projections for the 
allocation of gas and peat to 
the ESB. ' 

The present Government has 
restored the plan for a small 
power station to test the genera- 
tion of electricity from the low- 
3rade covl at Arigna, Co. 
Leitrim. ' ltiipugh this partly 
reflects p: Ideal considerations 
for a hard-pressed area, there 
are substantial deposits of- the 
sex riled “crow" coal which 
could be economic if oQ prices 
rise again. 

For Ireland, like everywhere 
else, that is the key question. 
Falling oil prices represent the 
best hopes of alleviating the 
country’s economic problems, 
but Cray threaten the develop- 
ment of offshore explorrtion 
and onshore alternatives. 

This- time, though, there is a 
detenniTV-tian 'not to be lulled 
into the post-1976 complacency: 
hopefully. if there is another oil 
crisis. Ireland will be better 
prepared. 


office development is already 
marginal due to high interest 
rates and falling demand, may 
bring a halt to many schemes 
now proposed." the Institution 
argues. There are also signs 
that British property companies 
are becoming less enthusiastic 
about the Irish market. 

London and Leeds, the 
property' arm of' Ladbrokes, 
have had three of their most 
successful development oppor- 
tunities ever in Dublin In the 
past three years. 

One was a 55,000 sq ft office 
block In Mount Street which 
took IS mouths from buying the 
land in July 1979. The rents 
started at I£5 a sq ft and are 
now I£9. Another development 
produced record historic yields 
of 5.25 per cent over two years. 

“We feit an upswing was on 
the way and we got our timing 
right” Mr Kurt Kilstock, chief 
executive said 

Inhibiting factor 

He is now off to the U.S., 
where he believes the market 
opportunities are at the 
moment, and says he would be 
very circumspect about further 
Irish Investment. For Mr Kil- 
stock, the inhibiting factor la 
the fact that new planning con- 
sents for the. prime area south 
of the River Liftey, where 
Ireland's political, economic and 
commercial power Is ‘concen- 
trated, will have 60 per cent 
residential components. It. has 
also increased the value of land 
already with planning consent. 

Mr -Patrick. McCaffrey, a 
senior partner of Jones Lang 
Wootton in Dublin is more 
optimistic. Last year he pre- 
dicted a property recession and 
it did not happen. 

“Last year was a very good 
year which defied all fears of 
recession. There was a carry- 
over of only 180.000 sq ft and 
there is probably only about 

250.000 sq ft on the market at 
the moment. There is relatively 
little spare space.” he says. 

On average. Dublin absorbs 
-about 4®04)Q& sq.vft office 
space' a year. . 

“Tt would - be. unrealistic 
nevertheless not to recognise 
that we ss a nation are in races- ■ 
sion and that, this must ulti- 
mately effect office rental, Mr 
McCaffrey said. 

• The price of prime office 
space is likely to hold at I£9 a ' 
so ft this year. Janes Lang 
Wootton's projections for 1982 
foresee about 400,000 sq ft of 
office space let or reserved, 

222.000 unreserved: and about 

115.000 for owner occupation. 

Some observers - think that 

such projections are too high. 
The main influence on the 
market last year was the fact 
tint the Irish Government took 

350.000 sq ft for the Posts- and 
Telegraphs department. 

Mr Ken Rohan chief execu- 
tive of the Rohan Group 
believes that if people build on 
the assumptions of last . yearts 
take-up they could be getting 
the market wrong. 

“If there is a carry-over of 

250.000 sq ft and the Govern- 


ment stays out of the market 
then there could be 500,000 sq 
ft left on the market at the end 
of 1983,'-' Mr Rohan said. .. 

Yet : Mr Michael- ; Lucey, 
property Investments . numag^. 
of Irish Life believes the under- 
lying trend is still strong. 

. Ail the 200,000 sq It office 
space Irish Life put' up last 
year was preiet and out c f 
200,000 sq ft of shopping space 
only one was unlet — when a 
British company which .had 
reserved it .pulled out because 
of recession. ? - 

His difficulty Is. producing 
enough offices, bf the right kind 
fast enough and he wfi] not 
have vacant space again until 
1984. ‘ 

-“We are underofficed and wifi 
be for a number of years,” Mr 
Lucey said. “It .is a market to 
stick with.” 

Irish Life has been trying to 
pull the centre of gravity to the 
north of the river with develop, 
menis large enough to create 
their own minS-exmroaments 
such as their own headquarters 
and their ILAC shopping centre. 

But if there are varying 
degrees of optimism in Ireland 
on the immediate prospects for 
commercial property, there is 
less on the industrial sector. It 
is in the doldrums, suffering 
from overbupply and ' static 
prices at between I£2.3Q and 
I£2_50 a sq ft. There may tie 
approaching 2m sq ft Vacant at 
the moment 

“There is a 12 month supply 
of industrial space from the day 
that things begin to pick up,” 
Mr Ken Rowan said. ■ ~ 

Factory closures 

IBs group gave up building 
advance factories -more than 
two years ago although it still 
designs and builds large purpose 
built factories , for Ireland's 
multinationals. 

Factory closures . have in- 
creased the second hand space 
available but the main course of 
oversupply came througn specu- 
lative building. 

- . In theJateJuftQ&^peopJj* were 
taking- '•over factory units they, 
wanted only as- investments. The 
over-supply began to emerge to- 
- wards the end of 1980 and there 
has been little .movement over 
the past six to nine months, v. : 

1- In the residential sector,-- con- 
cern is growing at the - effect df 
high interest -rates. ^Manyfear 
that the present mortgage rate 
of 16.5 per- cent will soon have, 
to rise to at least 18:per cent 
This would almost certainly 
force some pOtentiri .rbome 
buyers into rented accommoda- 
tion, ... -. .jl-v ;\'.j 1 

The middle and upperaiiid-of 
the market will alao .bn;hit by 
tax changes announcedVifithe 
budget Tax rekef on mortgages 
will be limited to tfie standard 
rate of 35p in.fhe-ppumtl 

Govenunent statistics show 
that - the price- df secondhand 
houses fell hack-atfb$jeqa,'ol 
last year. The average price of 
a secondhand house dumped to 
K29.750 in the pastquarter of 
1981 from ££31,589 three mahjhs 
earlier— a 6 per eerit drop- 



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ROYALTIES 

We en jov the major, part or the Royalty income 
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>uiuuuiu' iuuw h'tud) /ipiii it) iy&2 

TECHNOLOGY 


EDITED BY ALAN CANE 


"k 


Or 


1 ' M ‘■■•w 


■gi 


Alan Cane reports astiidy of the Western European robotics market 

Growth— but fed from outside 




.v ;■ • r: 


the MARKET for Industrial 
robots in Europe is likely to 
STOW at a compound annual 
rate- of- more Utan SO per 
cent, reaching a total- value 
Of USS763.2 ri by 1986. 

The UK Is now seen by 
. robot manufacturers ^ a 
major growrh area; its share 
Or the total West European 
market is set to rise from 16 
per cent (US$1 5.4m) in UWi 

t« 20 jwr «priUS5152^m) in 
1986. 

This Is not necessarily alt 
good news for Britain's 
robot makers; the growth 
■. ■ seems to reflect' substantial 
'■ lncreases in distributorships 
, and Ucerwhig agreements. 

' -These are some- of the 
principal conclusions from a 
new study. Western European 
•• Robotics, t. prepared by 
Creative Strategies . Inter, 
-national, an anthoritatiye U.S. 
based consultancy. 

Despite its predictions of 
. high growth rates in the 
market orcr the next .few 
. years, it emphasises that tile 
proving period for robots in 
many -applications will be 
considerable', and - that most 
manufacturers are only 
beginning to realise - the 
impact (hat robots will have 
on the shop; floor. 

It points- out: “The 
. • maximum benefit from this 
technology will :be obtained 
: only . when robots are fully 
integrated with manufactur- 
ing resources. : planning 
■systems, automated ware- 
r housing; '• computer-aided 

* design and computer-agisted 
: - manufacturing. 1 ' 

Motor mdnstry 

. ' .-Robots have, in fact, been 
..accepted in Europe only in a 
. . comparatively narrow . range 
. of industries and applications. 
According fo: the study, the 
motor- industry and its 
suppliers- are the major users 
of robots for applications 

• such as spot welding and : 
paint spraying, . The. reasons 
arm— • . _ 

# The ■ highly competitive 
nature of the motor business ' 
and . the .pressure for 
increased productivity caused 

' by Japanese competition. 

• Good investments attitudes. 

Frctjuently ' changing 
products — with a ' robotics 
mahufacl uring . ' system* the 
sfudy argues, Wi per cent of . 
the investment can be saved 
; when , . changing . products, 

. whjereas fixed automation has 


WESTERN EUROPEAN 'ROBOT MARKET BY COUNTRY, 198M9S4 
BY PERCENTAGE OF MARKET AND IN MILLIONS OF DOLLARS 


,■ -oi 


. r *a 



1981 


1982 


1983 

1984 

: 198S 

1986 

CAGR* - 


% 

5 

% 

$ 

% 

5 

% 

' $ : 

% s 

/o 5 

% : 

UK 

16 

15A 

18 

29.8 

19 

42.6 

20 

SIM 

20- -T1K8 

20 1516 

58 2 . 

France 

IS 

14.4 

16 

26A 

16 

36.0 

14 

43.2 

-14'. 7 82 

14 ' I06>’ 

49J ' 

W. Germany 

41 

#4 • 

40 

; «4 

38 

' *'8M 

37 


37 206.6 

35 276-2 

46.6 :* 

Italy 

6 

5* 

. 8 

12.2 

.7 

.ISA 

8. 

TAX 

6- 33.6 

• 7 53 4 

55.9 

Sweden 

10 

9j6 

6 

10.0 

6 

114 

5 

15.4 

5 27.8~ 

4 30.6 

; 26.0 

Othcrsf 

12 

JM 

12 

20.0 

14 

31.6 

16 

49A 

18- 10A6 

20 152.6 

S9J0 

Total: Europe 


96J) 


16&0 


2244 


3094 

' 5506 

763 2 

51.4 . L 





• ' - _v 


NOTE: All aw on ca hu been mad* for changes In robot unit prica but not tar currency flxchang® rates; 
(».•.. all value* are in 1981.U.5.Sm). 

* CAGR = Compound Annual Growth Rata. t Including such major countries aa . Spain. Thu Netherlands, etc. 


'Sour err Creative Strategies International 


to be more or less written 

off. 

So, of Italy’s 400 robots, 
the majority are in the Flat 
and Alfa Romeo ear produc- 
tion plants. Of the UK’s 400 
or so- industrial robots, about 
a fifth are in BL's factories. - 

The study is, in general, 
pessimistic about the UK's 
chances in the robot market 
It says, for evample; “ In the 
late 60s, the UK did have an 
equal opportunity with the 
rest of Europe to develop a 
core robot industry. 

“She did not do this, with 
the result that more than 80 
per cent of the UK robot 
population is Imported," and, 
again, “Industry, in the UK 
has been slow to show much 
-interest in robots or In the 
use of advanced manufactur- 
ing techniques. 

• “ At : board level in most 
major UK companies there is 
very little engineering experi- 
ence and attitudes about 
manufacturing - investments 
are extremely conservative.” 

The Department of Industry 
has set np - schemes to help 
companies Into robotics bnt 
Creative Strategies sees them 
in some ways as counter- 
productive. 

“ The Department of 
Industry sponsors a robot 
applications grant, hut manu- 
facturers and users alike 
believe the 25 per cent grant 
available for robot purchase 
.Is not sufficient and .is merely 
delaying the implementation 
of possible orders while grant 
applications are processed.” 

Ih contrast, the study points 
.out that West Germany— -the 
European leader — has .more 
than L200 robots Installed 


helped by positive attitudes 
towards investment in manu- 
facturing technology. 

The study notes that the. 
- French market is influenced 
by pressure to develop anto- 
- mation and robotics ' within, 
the large State-controlled 
organisations such as Renault 
(see. this page, March 31), 
while in Italy — an early front 
runner in robotics— there has 
been a proliferation of small 
companies producing special- 
ised robots related to -the 
metal processing Industries. 

“This is in-line with the 
Italian reputation for pro- 
viding specialised automation 
equipment within the Euro- 
pean market. - Italian Industry 
is, however, characterised by 
a low degree of automation 
within most manufacturing 
concerns and - inherent con- 
servatism.” 

While this study is con-, 
ceraed with the ■ Western’ 
European market the shadow 
of Japanese robotics industry 
touches every major con- 
clusion. 


Japanese 


The study. notes: " Japanese' 
producers have adopted their 
normal profitable and prac-' 
Heal approach , to this 
market . . . the Japanese do 
not commit themselves to 
entering a! market without 
previous study and prepara- 
' turn . and not before they 
know there is an established 
market for their products.” 

It goes on: “At the moment 
they .are selling very few 
robots outside Japan (about 
.three per cent) but they, are 
' -producing huge numbers that 


■ are -presently being' absorbed 
by a .strong and. profitable 
home market.” 

.It argues that the Japanese 
: . eo hid repeat tlieir perform- 
ance in the machine tool 
business, entering the Euro- 
: p.ean and . UJ5. market late 
but with competitively priced 
and . sized products delivered 
on time.’ 

The faet that Japanese 
products could flood both the 
U.S. and European markets 
in 2983-64 may have dis- 
couraged many European 
producers from looking at 
the American market." 

Therfe will he, it suggests, 
a market pause in late 1983 
while new 'products, particu- 
larly Japanese, are absorbed. 
It says that costs could come 
down as much as 5U per cent 
for some assembly robots, 
while those for other 
industrial rohots will remain 
constant 

Calculations ' made to 
■justify robot purchase often 
overestimate the payback 
period, the study . el aims: 
** Manufacturers state that 
customers generally achieve 
a return on investment con- 
siderably above the rate 
expected." 

At the same time they 
achieve other, less obvious 
productivity factors — im- 
proved products quality, Im- 
proved 'customer service and 
flexibility — 4 hat are difficult 
to assess in ah economic 
justification.” 

The study includes an 
appendix dealing with 
management considerations 
for implementing rohots by 
Mr David Teale of IBM, UK. 




. if..*. 

■••• • :» * 


This is one of the earliest pictures of IBM's new small robot, the 
7535 manufacturing system, it can be programmed using the IBM 
personal computer, left, using an IBM developed robotics language 
AML (A Manufacturing Language}. The Creative Strategies study, 
completed before IBM's bunch noted: “ Bearing in mind the need to 
sell robot systems and the dubious profitability of robot manufacturing 
to date, it may well be that companies such as IBM and Texas Instru- 
ments wilt hold back from actually selling robots. -If they do enter 
the market, they will offer only lightweight assembly robots in which 
control system costs can be minimised through mast production.” 

Where the UK stands 


BRITAIN'S INDIGENOUS robot 
makers- include Hall Automation 
mow pari of l ■!£('), Mottl infla- 
tion, Workraaster, Taylor ILi-Tek 
and Pendar Associates. 

GKN Lincoln Electric has a 
licensing agreement with Yas- 
ka wa of Japan, Fa trey Automa- 
tion offers a range of Italian 
robots Including the Jofcot 10, 
DEA Pragma A3U00, Camel, 
Gaitto and Elfin and Lansing 
Industrial Robots have a market- 
ing agreement with Hitachi for 
their general purpose and Mr 
Arcs arc-welding robots. . 

Ringway Power Systems dis- 
tribute Swedish Kaufeldt robois, 
Marion Air offer a Swedish 
explosives handling robot, .and 
Haden Drysys distribute Hitachi 
paint sprayers. 

Babcock group market a weld- 


ing robot built by Its Italian 
subsidiary.- 

Teoalemlt distribute German 
Niko robot3, and Hydro Machine 
Tools, part of the ' 600 group 
distribute FujitsihPanuc robois. 

Grundy Robotics Systems is 
agent for Star-Seibi, Shinmiewe 
and Fuji equipment. Aorstead 
Industrial Developments are 
selling- Seiko pick and place 
robots; Sykes group has formed 
a joint company with DainicUi 
of Japan to manufacture' and 
sell its -products. 

Unf matron, Cincinnali-Mila- 
cron of the U.S. and ASEA of 
Sweden ■ have European' opera- 
tions in the UK. Electrolux of 
Sweden distributes through Its 1 
UK agent George Kuikka; 

The report is available from 
Creative Strategies, 01-741 4767, 
■price 2.300 Swiss francs: 


Acorn sets 
seeds for 
a Torch 

THE DESIGNERS who deve- 
loped tiie successful EEC micro- 
computer-far the teach yourself 
programming television series, 
have now turned their attention 
to the business world. 

Through a new company 
called Torch, a British micro- 
processor has been launched 
specifically for low cost business 
applications. 

In Its., simplest form the 
torch Is capable of handling 
telex, Presiel and teletext, stor- 
ing data and then transmitting, 
via the telephone network, to 
other computer systems, as well 
as conventional computing. 

Easting between £2 500 and 
£5,000 — depending on the con- 
figuration — the Torch micro- 
computer incorporates two 
micruprocesKors, the ZS0 and 

6502. 

One processor handles The 
applications programmes such 
as word processing and finan- 
cial planning, while the other 
controls the communications. 

Torch Computers was formed 
early last year to produce a 
range of UK manufactured 
microcomputers and to assist 
Acorn Computers with the 
development of software and 
operating systems for the BBC 
contracr. 

According to bHe company, 
the Torch microcomputer design 
lias benefited from experience 
gained during the development 

Temperature 

probe 

A TEMPERATURE probe suit- 
able for —20 deg C to 500 
deg C at a pressure of up to 
420 bar has been introduced by 
Hydraulic Systems of 23 Nurili 
Park Road, Harrogate (0423 
509fittl). 

The screw-on probe, desig- 
nated the Ifydra Test Tempera- 
ture Probe — connects to a liquid 
ciyatil display. It can be used 
for random checks of fluid 
temperatures at selected points 
throughout any given system-. 

Journal of 
hard metals 

MPR PUBLISHING of Shrews- 
bury (0743 D4675) has launched 
the International Journal of 


Advertising 

Technology 

Contact 

Langford-Alexander 
Advertising. ! 

6,George Rd.Edgbaston 
Birmingham, B15 1NP 

021455 9696 


of the BBC microcomputer and 
Acorn's involvement in local 
area networks. • 

Torch Computers is owned by 
tbe Climar group and Acorn 
Computers. Cl i mar is a business 
applications company and has 
adapted all of its existing sort- 
ware to nln an the new micro- 
computer. 

It says that software packages 
to cover aiu^t business applica- 
tions such as slock control, 
financial planning, and payroll 
are available. 

The Department of Industry 
has funded the development of 
the mh-rocnnipiiler under its 
MAP scheme. Funds amounted 
to about £4u,ouu, with a further 
f20u,uiH) provided by Barclays 
Bank. 

The company says that full 
production will begin about 
June building up to a produc- 
tion of about i .000 units a 
month by the end of ihe year. 

Manufacture will be carried 
out at Torch’s factory in the UK 
using as many British com- 
ponents as practicable. 

However, it is likely to con- 
tract manufacture out even- 
tnaily to companies such as ICL 
and Cleariuue which already 
produce the BBC Acorn Com- 
puter. 


Refractory and Hard Metals, 
while iu Munich, Rohde and 
Schwartz, the electronics com- 
pany, has published its English 
edition of its 30S-page Measuring 
Instruments Catalogue. There 
are 12 chapters. The company 
is Rohde and Schwartz. Presse- 
sielle. Muhldarfsir, 15, Postfach 
80 14 (if). D-8UUU Munchen 80 
(USD) 41202025. or Telex 523 
703. 


Control for 
coatings 

METCO of Chobham, Woking, 
has introduced a semi-automatic 
control unit for sprayed metal 
or ceramic coatings. Two models 
are available — one for flame- 
spray equipment where the 
deposit is produced from metal 
in wire form; the other where 
powder is used to provide metal 
for ceramic eoatings. Full 
details from Mr J. T. Franklin 
at Chobham (09905 7121). 



Anew 

opportunity new exists for 
advertisers in the Rnancial Times. 


Every. Monday, a limited amount of 
advertising-space can be bought in the FT 
International Edition only. The page rate is £4,928 
with all other sizes pro rata, equivalenttoacolumn 
centimetre rate of £11. , . . ; : 

Vtfehave introduced thisfeciiity because 
many advertisers wish to concentrate solely on 
continental Europe. Also, since we began' printing 
the International Edition.in Frankfurt we have 
enjoyed a dramatic increase in both sales and 

• i i_r ' ^-vF+V-Jo \ wtfdk t marl/of 


indeed, when the good value offered by the 


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Edition advertisement rate is 
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cost-effective coverage of senior management 
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Further advantages are detailed in a booklet 
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if you want ' •>- 

to sell successfully to Europe’s . 

top decisioh-takers,;the FT International Edition ' ' 
on Mondays is the piace to get results. 

FINANCIALTIMES 

EUROPE’S BUSINESS NEWSPAPER 


Bracken House 10 Cannon Street London EC4P4BYTefcphone: 01-248 8000. GuidSiettstn 54, 6000 Frankfurt am Man, Germany.Telephone: 06 11/7 59 80. 


,v 











34 


Companies and Martas 


"EW YORK 


ACF lhduitrt**.... 33 ig 

AMP 17" 

1 
85 
33 


Columbia 6U..< 32i* 32T C 
Columbia Pie*.» 68 J, ! egie 
Combined Int,,-.' Sli« i 21»8 
Combustn. Eng- 26 "a } 37 
Cm with. Ed Esom J 311* 211* 
Cemm.satsllte-.! SB 


WimsnMn /H.F.)i lii H 

J^ iCh ri 

Albany Int.- 1 as 

AHwrto-cuiv.... j 14* 

Ajbertaon's i 37U 

Alcan Alu mini u ml IBi* 
Ale« standard.. « 197 fl 
Alexander ft Al... 25ii 
Aieghenylntl-.- 30/a 
Allied Corp. ZZ 33u 

Anted Stores. ggij 

Allli-Chalmers 133; 
Alpha Portd ... , otj 

24*a 

AmaL Sugar. ..... * 471. 

Amax ; 371* 

Amdahl Corp,.,.. , jjgj. 
Amerada Hess-.. 1 Bt 8 
Am. AlrllnM., iM „‘ 141a 
Am. Brandi......^: 4ifi 

Am. Broadcast's 35 
Am. Can 27 

Am. Cyan amid... 273. 
Am. Elect. Powr. 17S* 

Am. Express 49 

Am. Gen.lnsnce.- 48i« 
Am. Hoist A Dk .. 141* 
Am. Home Pma,' sea* 
Am. Hoep. Suppy 451* 

Am. Medical Inti ' 22 1* 

Am. Motors 3i« 

Am. Nat. Reeoee 1 343* 

A m.Petflna. • 61 1? 

A m.Quasar Pat..: lOlg 

'Am. Standard....! 87ie 

Am. Stores I 37 >4 

Am. Tel. &Tel,... ' 55i a 

Amatak Inc... 1 26 i* 

AmTao. I 22 i s 

AMP j 57ls 

Amstar 233, 

Amataad lnds..._l 26i« 
Anchor Hookg. 1534 
Anheuser-Busch 1 44*; 
Archer Daniels ' 163a 
Arm co 193e 


Armstrong CK....J 

Asamera Oil 

Asarco 

Ashland Oil t 

iAssd D Goods r 

■ Atlantic Rich 

Auto-Data Prg. ...; 

Avoo • 

Avery InU J 


Ilia ' 11 
34 sj I 34te 
9lg i 95 b 
as ‘ 25 
14*i ■ 14Sa 
371* ; 27 1* 
IB I* 1 181b 
197a j 195a 

381a 1 291* 

307 b I 31 5g 
33 1* | 33lg 
29 la ! 30l a 
133* 1 135o 
*73 1 970 


Avnet 

Avon Prod 

Baker Inti 

Balt. Gas ft El_... 

Ban Cal 

Bangor Punta—i 

• 'Bank America,... 

: ‘Bank of N.Y.. 

. Bankers Tst.N.Y. 
1 Barry Wright 

• - Bauson ftLomb.., 

BaxtTrav Lab._. 
rBeatrlce Foods .. 

1 .Baker Inds 

‘Bell A Howell 

'Bell Industries... 

- Bendix 

Beneficial ... 


473a 48 

a<U, 24le 

301a 30 

253; 25*0 

23ia 234* 
17 ij 171- 
181* lBJfl 

425; 42 

53ij I 34 
17J, I 18 lg 
43U I 43 
337 S : 34 an 
20 197s 

6is 67j 
225b 1 22* 
175a ! 17 
521- . fiZSi 
163* ! 161} 


E-Beth Steel ' Blip ' 21« 

Big Thee Inds : 23 1- ■ 23 'a 

■ Black ft Decker .' 14ip > 141 b 

.-Block HR ; 33 ij • 334p 

Blue Bell 24 u ; 24ia 

.'Boeing 1 lSi- > lBia 

Boise Cascade...! 28«? 28in 

* Borden : 32 >e j 327s 

-Borg Warner. 25 3* 25 

T Branlff Inti 1 2'*! 2>* 

Briggs Stratn 1 234- j 231] 

Bristol-Myers ! 65 U I 56 

BP 20 U 205b 

; Brookway Glass.' 141 r 14 

Brawn Forman Bi 36 1 - 355b 

• Brown Grp ‘ 29U 29'a 

Brown ft Sharp.,; 16 16 

■ JSrowng Ferris. ..! 313* 3Up 

Brunswick | 17M 17 1* 

Bueyrus-Eria,.....] 154* 1 15 
Burlington Ind .... 2ESn ! 22lg 
Burlington Nrthn. 45Sa 453; 

Bumdy ; I9>c J 20 

Burroughs ; 54 j 

CBI Inds. : 514* 


Comp, Science...' 

Cone Mine 

Oonrac _ 

Cone. Edison— ... 
i Cons. Foods.. 
Cons. Freight..,,! 
Con.NaL.Gaa,..,,, 
ConaumarPewor 
Cent. Air Unas— 

Conti. Corp- 

Conti. Group— 

Cant. Illinois. 

Conti. Telep. 1 

Control Data—; 


Cooper inds. | 

Coo rs Adolph ...J 

Oopperweid I 

Coming Glass..—- 
Corroon Black.' 
Cox Broadcast's.) 

Crane ; 

Cracker Nat. ! 

Crown Cork.—: 

Crown Zell J 

Cummins Eng.._ 
CurtbwWrlght ... 

Damon ... 

Dane 

Dart ft Kraft. 

Data Gen 

Dayton- Hudson J 

Deere 1 

Delta Air— 

Denny's -I 


123* ; is 
297p 30i* 

22 22 

37 371s 

357* 355* 

583; 38 

456s j 44 Sg 

18 { 177a 

4lfl j 45 b 

28 38 I 8 

30l» 30 

30 297b 

16T b 165* 
305a I 3156 


41 ij I 42 
103* 1053 

344 1 24 
46 ; 455* 

2D1* 20>< 

301* ! 305s 
28ls 287s 
285b : 281b 
24 I 241* 
2358 I 23 Tg 
565 b ! 3658 
565e ! 375* 
7U I. B 
251s ! 26 
81 I 61 

ss ! sa 

S3 i 35 
317 a I 315] 
24 ia ; 2373 



Dentspfy Intf 

Detroit Edison....- 
Diamond Inti — 1 
Diamond Shank-, 

DIGIorgio 

Digital Equip 

Dillingham 

Dillon ' 

Disney (Walt) 

Dome Mines. 

Donnelly IRR)...— 

Dover Horp .- 

Dow 0 hem I cal-.. 
Dow Jones.— ...... 

Dresser 

Dr. Pepper — : 

Duke Power. 1 

Dun ft Brad 

DuPont. -.1 

EG AG 


Easco - I 

Eastern Airlines. 
Eastern Gas ft F ' 
Eastman Kodak.; 

Eaton- ' 

Echlin Mfg 1 

Eokherd Jack. 
Electronic DataJ 
Elect. Memories' 

El Paso : 

Emerson Eleot...: 
Emery Air Fat...; 

Emhart— ...... 

Engelhard Corp 1 


Enserch 

Evans Prods 

Ex Cell 0 1 

Exxon 

FMC 

Faberga. j 

Fodders 

Federal Co 

Federal-Mogul...' 
Fed. Net. Mort. .1 
Fed. Paper Brd...; 
Fed. Resour css- 
Fed. Dep. Stores' 
FioldcresiMI — ..- 

Firestone _.' 

1st Bank System 
1st Charter Fin., 


1st Chicago- 

1st City BankTex' 

1st Interstate 

1st Mississippi....: 
1st Nat Boston-! 

1st Penn— 

Flsana ! 

Fleetwood Ent...i 

Flexi-van • 

Florida Pwr ft U.: 

Ford Motor * 

Foremost Mck—.' 
Foster Wheeler.., 
Freeport MoM..J 

Frushauf 

GAF 

GATX 


19 | 185* 

2S5> 25U 

293* 237 8 

93* 93* 

37*6 1 585* 
3ts 31* 
Bl* Sip 
135* 137a 


163; * 16 7 B 
17- a ,.18U 
133* 1 14 
29 ' 2B 


Gannet ' 

Gel co 1 

Gen Am Invest .. ! 

Gen Cinema 

Gen Djmamics....i 
Gen Electric— ... I 

Gen Foods : 

Gen Instrument-) 

Gen Mills • 

Gen Motors- j - 

Gen Pub Utilities 

Gen Signal 

Gen Telep Elec_. 
Gen Tire— — -... 
Genesoo 


Genuine Parts— 

Georgia Pae. 

Geosource - 

Gerbes Prod 

Getty Oil 

Glddins Lewis... 

Gillette - 

Global Marine... 
Goodrich IBF1... 
Goodyear Tire... 

Gould 

Grace 

Grainger (WW),. 


NEW YORK 


April ' April , 
. 14 . 13 • 


elndLMtr'bjafS.ra 8*1.04 

H.ma Bnds. i SS.69 BS.73 

Transport.. ,3«.S7 34B.G4 1 

Utilities 1 12.07. 1 1 1.62; 

TradmgVol - 

000 - 1 45,150 48,668 

* Days high 844.46 low 


Indices 

—DOW JONES 

April - April April April — 
12 6 7 6 > 1 


WORLD STOCK MARKETS 


r^Xrtaadal Time? ■ : ' L ;' ; 



I April ) April 
Stock J- 14- .j 13. 


St. AtL Pan. Tea. 1 65 b 1 6>i 
St. Basins Pat—.' 3 5 

GtNthn. Nefcoesa' 36*n 36 s * 
GLWectFinnncl., 105a 105* 

Greyhound. -j 145a 141* 

Grummen, I 24 it | 24s* 

smt * western.-,, lfl ; lain 


Gulf Ml J 32 Lb 

Hall (FBI.—..: 301 b 

Halliburton r 37 

Hammsrmlll Pprj 247 b 
H andieman ...— 132s 
Hanna Mining—.; 33 1* 
Harcourt Brace..' 133* 
Harris Bancp.— 29 
Harris Corp —.1 30% 

H artoo 18 1« 

Heoia Mining Bi* 

HeinzlHJI - 305 b 

Hellar Inti— — j 17 ?b 
H ercules ...—..T 1 195* 

Hershey — — ( 39% 

Heubleln 40iq 

Hewlett Pkd • .43U- 

Hiiton Hotels > 57 

Mltacrtl 2 &U 


Holiday Inna ! 26** 

Holly Sugar ■ 49% 

Homastake...— ! 26% 

HonaywelL f 66% 

Hoover 1 

Hoover Uni 16% 

Harm el Geo.v._! 225* 
Hospital Corp. .... 311* 
Household lntJ._> 16 u 
Houston Inds. — . 1 19% 
Hudson Bay Meg 143* 

Hughes Tool 28 

Humana^ 26 














S’ 



nrirTilTlit 




S3* Ischlltz Brew — - 16% 
Schlumbegcr— 43% 

SCM- /.• 22% 

Scott Paper— 16% 

Soecon - 22% 

Seagram..——: 62 
Sealed Power.—- 283* 
Snarls (GDi 34% 
Bears Roebuck-.; 19 

Security Pae 32 

Sedco — ; 31 % 

Shan Oil. -....■ 35it 

Shell Tram....— ; 27% 
Sherwfn-Wm*,— .1 21% 

Signal , 20 

Sig node — — ^ 49% 


13% i 13% 


Simplicity Pott. 

Singer.- — - 

Skyline 

Smith inti — — ! 
SmitbKIInt Back 

Sonestainti 

Sony. -...• 

Southeast Bankg 
Sth. Cal. Edison-; 
Southern Co. — 
stop. Not. Res,...' 
5thn.N. Eng.Tal.! 

Sthn Pacific. 

Sthn. Railway- 

Southland 

BW BancsharesJ 

Sperry Corp-.,—) 

Spring Wills ; 

Square D — 

Squibb 

StdjBrandsPainti 


78g i 73*. 
14% I 15 
141$ 141; 

301* [ 50Tb 
70 ' 705* 

1CU* . 1 OI 2 
127a I 135* 
165* ; lfil* 
51 Ib 32 
IBi* J 13U 
24 Je • 24* 
441* 1 441* 
52% { 351* 
90% - 90% 
317* I 32 
25% 255a 

271; t 2750 
26% I 26% 
26 l a I 25% 
3 3% 335* 

344 I 25 


Husky Oil [ 

Hutton (EFV -J 

iCInds —I 

IU Int— - 

Ideal Basic ind.... 

Ideal Toy 

ICI ADR 

Imp Corp Airier...' 

iNCO..- 

InaeradfUnd 

Inland Steel- — 

Intel 

Inter First Carp--! 

Interlake— 

Inter North— 
BM , 


Inti. Flavours I 

Ind. Harvester...., 
int. In come Prop. 

IntPaper 

nt. Rectifier. ■ 

Int Tel ft Tel. ) 

IrvingBank 

James iFS) ( 

Jeffn-Pllot. 

Jewel Cos — I 

Jim Walter. 

Johnson Contr.... 
Johnson ft Jns—.j 
Johnthan Logan.! 

JoyMnf. - l 

K. Mart 

Kaiser Alum 

Kaiser Steel- ; 


65* I 65* 
277b I 277g 
297a ; 295* 
131 b 13>s 

161* 161* 
lllq 1 114. 
51 * I 55b 
64 : 65* 
1150 111* 

467g 1 47 
227 B : 23 
315* , 315* 
24 Sg ; 244 
287b j 29 
265; 1 265* 
634 : 624 


184 1 185s 
44 1 45a 
85* ! 85* 
37 [ 375b 

117 8 117g 

255* 26 

407g 41 

234 254 

89 ' 285* 

324 33 

17 174 

234 234 

384 385s 
147 8 j 145* 
28 4 285a 

194 .194 

13 I 135a 
294 1 264 



Kaneb Sendees.. 1 155* ; 
Kaufman 8rd-...: 85a r 

Kay Corp 104 

Kellogg 25 

Kennemetal 314 

Karr-MoGee *294 

Kldde i 224 

Kimberley- Clark- 635; 
King'sXIapt St—.' 25; 
Knight Rdr. Nws 304 

Koppers 155* 

Kroehler....:. 74 

Kroger. 293 b 

LTV..- 145b. 

Lanier Bus. Prod 16 

Lear-Slegler : 267a 

Leeaeway Trans.} 274 


Lenox - 

Leri Strauss....-.! 

Levitz Furntr 

Ubby Owens FdJ 

Ully (Ell# 

Lincoln Nat- 

Litton Inds. 

Lockheed - 

Loews 

Lone Star Inds .. 
Longs Drug 8trs.| 
Louisiana Land.J 
Louisiana Poo ....! 
Lowenstaln 



Lucky Sirs. -• 

MiACom. Inc ..... 
MCA. ' ’ ' 
MacMillan 


37. * 374 
227b -225* 
245* 294 

22 4 224 

604 604 

404 397g 

475* 48 

504 504 

984 I 984 
214 224 

264 264 

305$ 294 

I7la 177 # 
287 8 ] 284 
204 { 205* 
147 a I 15 
22 4 225a 

52 | 514 

164g i 166s 


ltd Oil Ollfbrmai 305* 
ltd oil Indiana— ; 41 4 

ltd Oil Ohio- 1 34 

Stanley Wks ; 16 

Stauffer Che m-J 214 
Sterling Drug— J 263a 

Steven* {4 PI J 16 

Stoke ly Van K-.l 304 
Storage Tech. -J 26 

Sun Co J- 334 

Sun detrend 39-** 

Superior Oil I 294 

Super Val Strs....- 174 

Syntax 364 

TRW 505; 

Taft 304 

Tampan— — 364 


Tandy - 

Teledyne 1184 

Tektronix 534 

Tanneoo 285* 

TesoraPet -I 197 B 

Texaco-. 1 30 

Texas Comm. Blc 344 
Texas Ea s tern— J 463* 
Texas Gas Trn— J 26Tg 
Texas Instr'mts.; 837 B . 
Texas Oil ft Gas-1 28 . 
Texas Utilities. -| 22 

Textron- :....■ 234 

Thermo Electro.. 1 , 17 
Thomas Betts..—; 52 

Tidewater 2S4 

Tiger Inti i 74 

Time Ine. — .1 36 Sg 

Timas Mirror 42 


Timken 

Tipperary — 

Tonka 

Total Pet. 

Trane . - — . 

Tronsamerioa..., 

Transway- 

Trans World 

Traveler* 
Trlcentrol 


Tri Continental...' 
Triton Energy—.. 

Tyler 

UAL • 

UMS India. < 

Unilever N.V. — .! 

Union Camp.' 

Union Carbide....! 


16* : 184 
12 ' 12 
164 165a 

207a 214 
8 8 
58 68 

47t b 484 
47 , 47 


Mae 

M (orsy Hanover— 
Manvllla Corp..... 

Mapco 

Marine Mid 

Marriott 

Marsh McLenn... 
Marshall Reid ... 
Martin Mtta ...... 

Maryland Cup.... 

Masco 

Massey- Fergn.— 
Mass Multi.Corp 1 

Mattel..- J 

May Dept. Stri...l 


33 : 325* 

315s r 32 - 
134 . 134 
304 1 295g 
234 : 23 
39!* 395* 

35 : 33 

29 : 285* 

284 ! 284 
354 : 355e 
327 8 I 334 
24 1 24 
17-4 I 1770 
165s 164 

174 i 277a 



Union Oil Oal 344 

Union Pacific-... 375 b 

Uni royal 75a 

Uhtd Brands 10 4 

Utd.- Energy Res. 32 4 ■ 

US Fidelity G 455 b 

US Gypsum—.... 315 b 
US Home.-..-.—... 114 

US Inds 84 

US shoe- 297g 

US Steel....: - 227$ 

US Surgical- 175* 

US Tobacco- 46sg 

ye 1 let, US TYu®ti ... -1 S6 
1 ???» Utd. Tecluiolgs- 37T a 
Utd. Telecomms.; 20 

Upjohn 437 b 

VF. I 36 sb 

Verian Assocs.-i 334 
Vernltron — ! loig 


Virginia EP 13 

Vulcan Mstris.,..' 484 


Maytag-. - 26 

McCulmelt 103; 

McDermott (JR)- 24* 

McDonalds 877g 

McDonnell Doug 365* 
MoGraw Edison- 294 
McGraw-Hill-.... 51 
McLean Trukg — 13 

Mead 204 

Media Ganl -j 364 

Medtronic 1 39 

Mellon Natl 1 363; 

MeMlle ' *64 

Mercantile Sts ...' 61 4 

Merck ; 725a 

Meredith 644 

Merrill Lynch ■ 284 


Vulcan JMstris.... 464 
Walker 'Hi Res.... 134 
Wal-Mart Stores. 484 

Warnaeo 1 28 

Warner Comms..' 56i* 
Warner-Lambt ... 231 b 
W ashington Post 31 

Waste Mangt 314 

WeisMkts 40 

Wells Fargo 224 

W. Point Peppi— .! '23' 
Western Airllnss, 44 
Westn. Nth. Amu 11 4 
Westinghousa.—i 25sa 

Westvace- .! 22 

Weyerhaeuser..-! 864 


Wheeiabratr F_ 
Wheeling Pitt*-. 

Whirlpool 

White Conaoltd- 

Whittaker 

Wiokes 

William* Co 

Winn-Dixie Str— 

Winnebago 

Wise Bleo Power! 

Woolworth I 

Wrigley • 

wyiy 

Xerox ! 

Yellow Frt By* 

Zapata 

Zenith Radio.—., 


12 ‘Since Cmpli.tl 
Low i High i Low 


- 1982- 

High . 1 - Low 


B41.5S B42. 3* 856.85 859. S3 SSS.5S ; 7011.47 ' 7051. 78 41.22 

' i4dj ; (B;31 TT1MI787 (2l7lS2l 

BSJ3 58.59. 60,21 68.17 59.72 . 56.07 ; - — 

: H34* 1 «1Sr2i . 

347.47 348.84 544.E9 541.27 308.45 ! 314.36 447.38 12.32 

<7*1. ! tB.'S} f tG'4rB1i (9-7<S2i 
110.23 110.62,110.48 110.241 111.09 ; 103.01 163.32 10^ 

i ■ llS'*l * IT3MJ (20/4 169) (W;4i4Z> 

46,798 60,135 53. 1M 4S.2W' — ] — I — - 


AUSTRALIA 
All Orif. ;1/1/801 
Metal ft Mini*. 


AUSTRIA 

Credit Aktlen (8/1/62) 



to) 839,46 (6/41 j 818.36 (Mm 

(c) 726 JS «W4t 668.7 (18/1) 


- 8«J <6m 
- 63.8 (4/D 


Ind, dlv. yield % 


April 8 : Mar. 31 Mar. 24 . Year ago (approx) 
5.73 : 3i&2 ! ! 4.47 



Hong SMB Bank (il/7/84'1281.2E;18B5.6ljl81B.4« (e! l«6J2fiam 1186ft# (8® 


Banca Comm ltal.riS72) ! - ' 181.67! MBftfi' (d 1 812.63 (1B/3) . T61.« (15/H 


JAPAN” 1 ' 

DOW Average (16/8/461 ; 7 r 20.eB'7 W 1 ftS 72M.8S 7880,82/ 7BZ6.55 (Z7/1) ! 8&B.U (17/J) 
Tokyo NewSE (4/1/99) ! 584.03, BSB.M 601.B1I 635,30' 685.89 (2 mi | 620.70 (17131 


NORWAY 
Olio SE (1/1/73) 


I 

115.7* 113.37' 114.4 (Cl 


687.40 mi 


SOUTH AFRICA 
Gold (1350/ 
industrial (WO 

8PAI 

Madrid S£ (S0/1WD : 181 M Wl.flff 


SWEDEN | 

Jacobson ft P. (HMD G81ft4: 660.41 


688ft (6/1) 411ft (0/D 

■711.7 (8/1) I 683.3 (88/0 


IBlftO! Wl.Off IDGftB! (cl { 167.46 18/2) '99.17 (6/D 


66042 ( 28 / 1 ) l 677,02 ( 6 / 4 ) 


Industrials 

Combined 


383-33 29344 233.15 M6.S&! 332.73 (4.1) 
277.M 278.91- 278.58 2 71.65' 316.08 14.1, 


270.46 N6.D 
269.08 (16.S) 


TORONTO Compoaitel 1650.2 1631.75' 1823.S. IB06.0 1068.5 (4.1* '• 16S7.6 (I6J1 



Capita) Inti. (1/1/781 


1H.Q I T5S.S i 18.2 | 147ft (4/D 


242ft 01/61 


128.1 ( 17/51 


Dow easier at 



STOCKS PRICES were mixed at. 
mitf-sesbion in quiet trading as 
investors await some resolution 
of international and .domestic 
uncertainties. 

The Dow Jones industrial 
average was off about L14 to 
S36.S5 at 1 pm. At soon the 
NYSE All Common - Index was 
off 6 cents at Sfifi.61. Advances 
just edged past "declines on 
volume of 26.10m, against 28.78m 
aL noon on. Wednesday. . 

Analysts said the market was 
under pressure from the Falk- 
lands icrisis. the possibility of a. 
flare-up of tensions in the Middle 
East, and the lack of any federal 
budget compromise ‘ between 
Congress and the White House. 

Investors were also worried by 
projections of a sharp' increase 
m the weekly money supply, 
which could put upward pressure 
on interest rates. 

Analysts noted that . the 
federal funds rate on overnight 
loans between, hanks rose as 
high as 15J per cent yesterday, 
after hovering around 14$ per 
cent earlier in the week. 

Trading was featureless, with 
stocks in special situations the 
only significant movers. Reports 
of poor financial results brought 
down several stocks, including 
Time Ine. off SI* to 635}. PPG 
Industries J to $32j and Gillette 
IJ to 53 5}. 

Texas Instruments rose 3ft to 
S86J. although the company 
announced lower earnings and 
said it plans -further layoffs. 

Hanna Mining fell 1ft to 831 
The firm is fighting a bid by 
Norcen Energy of 545-a-strare for 
42.7 per cent of Hanna’s stock. 

Telex Corp. was the volume 
leader due -to a block of 1,199,800 
shares that traded at eight, off ft. 
The shares were part of a debt-, 
for-equity swap. 

THE AMERICAN SE Market 
Value Index was off 1.54 at noon 
on volume of L97m shares 
(2.08m). 

Closing prices for :Nbrth 

America were not available 
for this edition. 


. . ..... • - . 

■Stocks were sharply 
mid-session over a broad 'range ‘ 
with the Toronto Composite 
Index off 12.7 at op 

trading of Sited -shares. - - 
Oil isues continued. Wednes- 
day's downward trend' wftb the 
Oil and Gas index faffing 71.9 
.to 2318-7, . ." :• 

: Dome Petroleum was off. | at 
CSlOi In active trading; .Texaco 
Canada .fell C$25, shell 

Canada dropped 2 to'CSfidf. ind 
EP Canada declined 2 to csSflj}. 

Thirteen of the 14 majog 
indices declined, with Holds fall- 
ing 43 0 to 239L3. 

Pipelines dropped is.i ; to 
1.677.3 and Transportation 
retreated 32.6 to 2.0S4.4. 

Montreal stock? were lower as 
the composite, index fell 236 -to 

27534 on trading of 3X5^30 
shares. 

Among the indices, oft] fell 
15.13 to 495.®, Utilities dropped 
1.15 to 205.80, and Industrials 
declined 3JS1 to 290JJ8. 

Hong Kong 

Stocks closed almost un- 
changed on pared: lenses, after 
trading quietly fra- most of the 
day. 

Prices started. lower In line 
with the easier Wall Street close, 
and moved in , a narrow range 
because of a lack of enthusiasm. 
Thet Hang Seng Index closed off 
2.55 at I^or^S. 

Hongkong Elect ric d osed 15 
cents loww at HKS5 after 
announcing as unchanged IS 
cents final dividend on increased 
capital. Deal era said many 
operators were expecting a 
bonus issue; 

Blue Chips'" were mostly 
steadier with Hongkong Bank up 
10 cents to HKS15. ftartiine 
Matheson 10 to HK91&60 and 
Swire Pacific ‘A’ 10 to HK510.90. 
China light was unchanged at 
HK S12.4Q , HK Land was steady 
at HKS8.70, and (3mmg; Kong 
held at HKS15.80. 

Second and third. liners were 
little . changed, . .with'. CarrZan 
Investment unchanged at 
HKS4X175, Sine Land at 68 cents, 


Swire Rreperties, «tgK58.^, Far 
East CMMerjMhi # 

JtewWoridar^H Paral^y-; 
gafaied IZ.S emt* to HICJ4.W, 

. but Tsl Cheung Ittft 7 
and Sun Hong Kst Pr^ortiec 
fell 15 to HKS858. ~ r r 

.Singapore 

• Sure prices' closed narniwly - 
.ntpeed,. witfc prices fluctuating 
uncertainly on bouts of buying 
support «id 1 profit-taking la 
selective moderate trading. 

Fraser maTNeave rase 10 cents 
to HKJ8 20. Straits Trading 25 
cents to 'HKfG.TO and Overseas 
Cakm Bank 20 cents to HKSWO 
while on the decline. Far. East . 
Levingstoa fell 17 cents to HKS 
4.40, Ex-all, Haw Par 14 cents to 
HKSS.04_anl Overseas Chinee 

Bank 10 G»ts to HKS 1920.- - 

Tokyo 

'Share prices ’continued to fall 
sharply , on scattered foreign 
•selling of market leaders. - -Wsdt-- 
ing '- sentiment . tended to 
dominate a -quiet market because 
of a lack of -fresh market-moving 
news. 

. The Nikkei Dow Jones average 
fell 60^7 to dose at 7,126.88 on 
a volume, of 190m .■ shares, after 
faffing 71.40 oh Wednesday. The 
Tokyo . Stock Exchange index . 
was off 4iI3 to 534.03. _ 

. : - Heavy Electrical Machinery 
manufacturers. Steels.- Light 
Electrical companies. Precisions 
.and. Motor* led the decline. 

.Hitachi fell. Y3£ to Y560. 
Nippon Electric ■ Yll to Y680, 
Nippon Steel Y3 to Y156. Sumi- 
tomo Metal VS to Y170, SHnohia. 
Y9 to V398 and Mitsabishi Cor- 
poration Y12 to Y538. -■ 

- Samltraio Metal BUnlug lost 
VS) at Y1.03O. in spite of official 
confirmation of its Kyushu gold 
find, and .it was followed down 
by other non-ferrous shares.-.' 

Drugs, issues related, to 
Government, spending. Foods, 
Chemicals and many, other .low- 
priced stocks declined . aii^ the 
second market toll sharply. - 


Asstiaiia • 

Iznmtton iasptnd far -* 3«niP 
fa gold prkes sbtbritt leading 
mining atm^& and pushed prices 
higher. " 

The Sydney AS Orfffaaries 
fad« was up. 8.7 to 478.8. The 
Industrial index rose 3.3 to 
8384. '-..the •.-■ resource indicator 
gained a 2 to 35*9. : . 

-Sanikezs.gaid most taking was 
restricted to^ 'null investors who 
believe®- the market had reached 
bottom, They .-said volumes were 
tow-and the lade of scrip helped 
jmsh'ftwiew dp. 

■ Strongest rises were among 
metal stocks with gold interests. 
Central - Tfafaeaaa wa s »p 
■ 17 cents to AH 02, C5HK gained 
10 to A33.40, CKA firmed 13 to 
AS2.73, . Western Hmhu; 

improved ml 14 to AS3 l£ 7 and 
BOCin creased 6 to ASL3^ ; — 

News Corporation was 
uatraded after posting a 49. per 
.'cent profit toll for the December 
half to A SI 8. 07m. Buyers offered 
A $1,50 compared to a last 
traded AS1.70. . 

Santos was 15 cents. Wgher at 
AS4.05, Vamgas was up 20 to 
A ^620. The Bank of Near South 
Wales' was steady at AS2.70, ANZ 
- was unchanged at A53.75. 
National pul on. 4 to AS2.4& 


Germany 


Leading shares ' extended 
-opening losses to close a dull 
.bowse seraion just above lows 
as the domestic bond market 
failed to pick up its recent rally 
and buying interest for .stocks 
waned. 

As the Commerzbank Index 
fell to 715.0 -from «24.6 on 
Wednesday, banks 'showed broad 
losses. 


Johannesburg 


CANADA 


AMCAtntl. 

Abitlbl 

Agnico Eagle 

Alcan Alumln 

Algoma Steel...... 

Alberto* 

Bk. Montreal 

Bk. Nova Scotia. 1 
Basie Resources! 


Bell Canada. 

Bow Valley 

BP Canada... 

Brascan 

Brin ca 

B.C. Forest 

CIL lnc. M „ 

CadiliacFairtHey 
Camflo Mlnea^.. 
Can Cement.... 


Can NWLand*J Z4ia E4M 
Can Packers... _ I 2B 29 U 

CanTrusoo ' — — 

Can Imp BanK-... 1 BSSo 85k 
Can Pacific^-.-., St 30Sa 

CanP.EnL ■ 15 Be 15U 

Can Tiro..- ! 3*H 


I BELGIUM (conttemd) 


April 15 


i Prteo I +oi 



Prieel + or 
ns. { - 


Gold shares closed mixed in 
hesitant trading caused by inter- 
national. political tensions, and 
bullion's erratic movements. 

Heavyweight producers bad j 
Harties R3 higher at RSO.OO and - 
President Brand 75 cents lower ! 
at . R36.00 . while lesser priced 
issues moved between five and 
25 cents either way. .. 


JAPAN (ranffamd) 

I Price ! + or 
April 16 i Yen } - 


Petroflno. ! .4.B80j -tlO 

Royale Beige .. ..! 5.560: +60 
Soc.-Gen.Banq...: 8,765 —6 
Soc.Gen. Balge...! 1.43* -18 

Soflna~ - Z,7ip -^0 

Solvay 8.110. —110 

Tracton EleoL.... 8,775 —25 

UCB 8,070! -JBO 

Union Mlnlera..... B16, 

Viaille Mont 1,935: -16 


AOF Holding., 


DB4MARK 

April is 


Prioa + or 
% - 


Ohleftein „J 

Com (n co- 

Cans Bathst A,...- 
Cont. Bk. Canada' 
CosBkaResns'M 

Costaln 

Daon Devai.™.... 
Denison Mines ... 
Dome Mines, 


1950 < 1950 
423; | 433b 
15 .15 

71* 7 la 

61a ; 6U 
6k 6k 
3.25 - 3^0 
23 's • 23k 
151; 15 


Andetabanken—. 
BaJtica Skand_... 
CopHondelsbank 

D. Sukkerfob 

Danske Bank-.... 

Cast Ariatjo- 

Forende Berygg- 
Forenade Damp.' 

GNTHldg-... ’ 

Jyake Bank ; 

Nord Kobe) 

Novo Ind— ;1 

Paplrfabrikker... 1 

Prlvatbanken—.j 

Provtnsbanken— 

Smidth (FI1 

S. Berandsen 

SvperfOs — ... 


Dome Petroleum' 10k ' 
Dom Foundries A; ’” T 
ires • 


3.75 J , 

1.60 , 

1.40 - 
1.45 ! 

0.07 j 
Ift5 ; +OJ9 
8ft0 I 
859 I 
1.85 -0.04 

2.70 
1J8B 
1.10 
8.47 
131 

8.10 ; +0J6 
2.70 1 
7.63 . 

OJ26 | 

2.73 , 

1.18 . 

2.03 

3.4 
0.48 : 

0.50 . 


April 15 | Pries J 4- or 

iFrs. 


’■ ^ 

! 

60.86 (4/D | 

[ 62.20 (8/4) 

182.46 (6/4) 

| 96,42 /30/D 

IMftS (26/D 

112*80 (9fB> 


Centrals. 4,830 

Crecflto Varenno BftKW 

Fiat-... — . 1^66 

Finsfder, 40 - 

Invest.—.—.,.—. 9,910 
ftalcementl ....— .j35,4ao 
ltaMder. ...» 180s 

Montedison.—. 182 . 

Olivetti - 2,755 

Pereill Co . 2,592 

Pirelli Spa 1,316 

Snia Viscose-. 671- 

Tore Asslo.L 15,750 

do. Prat. 113.300 


Kubota. ... .r 338 ’ 

Kumgaal 415 : 

KyotoOsrajnle...'5 p lDO { 

Liort. V 375 l 

575.: 
730 1 
284 } 
595 : 

ais ; 

Matsushita i 902 

M*ta Elec Works.'. SOI < 

ITfaMil Bank < 500 : 

M’bishi Corp. -! 638 ; 

MTdshl Elect. 841 ‘ 

MtrisMRI East-.J 465 1 
212 ^ 


Mitsui Co 309 1 

MitSurMEst - 630 1 

Mitsu-kornt — 

NGK Insulators. 

Nippon Denso.. 

Nippon Gakki.. 

Nippon UeaL 

Nippon OIL. 919 < 

Nippon SMnpan-' B04 > 
Nippon Steel..,.; M6 • 

BRESSiya r- 

Nissan Motor — ^ 717 ; 

330 i 
156 ! 
428 
256 ! 
754 j 
1.300 J 
'1,320 
885 ’ 
443 ! 
397 - 


April 15 


Price + or 


. (“J Sat April 3 Japan Dow 7,333-32. TSE 539.69. . 

BaM values of all indices are 100 except Australia All Ordinary end Marala— 
50ft NVSE All Cw a o n 5 0; -Standird and Poors — 1ft and Toronto— 1.000; the 
last namsd based on 1975. t Excluding bonds, ft 400 Industrials. S 400 
industrials plus 40 Utilities. 40 FlneneMs and 20 Tranipofts, c Closed, 
u Unavailable. 


8,510' +15 


3.600' -60 
1,494' —11 


67.4, -23 


60,3001. -1,580 


..... 8,700^ ^50: 
... 1,300' +10 
Jl 660] -10 
4 3,203 —SO 


Aoeslta 
Banco Brasil 
BeksoMn ™ 
IjoIacAmer..^; 
Petrabras PP„ 
Souza CniZL^.,M 
Unlp PE 
Vale Rio Does 


. I : i ■ 

:. J- ;.«<r +ofti 

— [ 11.80; +0,07 

21" ^OjK 
9.05; —0.16 

r 

lJjoi +0ft& 
















































































financial Times Friday April- 16 1982 

ftsjuiifes aw! Markets . 


35 


COMMODITIES AND AGRICULTURE 


. v 


•i:r ’ 


■ - :.a^i 


, = 


- V 


Confidence 
on rubber 


■SUFFICIENT " consuming And 
prefacing members of tiw Inter- 
national Natural Bubbec Organi- 
sation flNRO) are expected to 
hafco ratified (he International 
Robber Agreement by its April 
.15 deadline to make unnecessary 
the .United atiaus-spoitsore & 
meeting planned for next Mon- 
day .in Geneva, INRQ Council 
Chairman Mr. Jack Sumner told 
■Reuters. 

He said that either the EEC 
.-on behalf of aU its member 
states, otr Italy, individually was 
"confldenliy expected” to ratify 
the agreement yesterday, fulfln- 
' teg the 80 per cent requirement 
ai far* as’ importing countries 
.are concerned. On ■the exporter 
side, either Brazil or Thailand 
were also expected . to ratify 
ahead of The. deadline, he said. 
.- After ratification - by five pro- 
ducers mclydipg key exporters 
Malaysia -and Indonesia, they 
were stiH short of their 80 per 
cent requirement. Eighteen im- 
nortmg members have ratified, 
leaving a shortfall which Italy, 
with a 4.1 per cent sfiare, would 

• adequately cover.* : : 

The agreement has been pro- 
visionally in force since October 
1980, with the requirement that 
gO per cent of both producing 
and consuming members .must 
ratify within 18 months. This 
deadline was extended to April 
15 at a special INRO session 
early in March. ' 

If the deadline is not met. the 
Geneva meefting.wiH go ahead 
with the 62 countries involved 
:n the 1978. pact, followed 
immediately by an TNRO 
council meeting on April 21 


Bacon and egg 
prices cut 


Amax cuts 
molybdenum 


Bjr Nancy Dunne in Waiivngton 

AMAX, the world's largest pro* 
dueer of molybdenum, has 
announced another drastic cut 
in production beginning in May 
from 6$ jper cent to 45 per cent 
of capacity in ' tee company’s 
large Colorado; molybdenum 
slackened, in the automobile, 
mines. * ■ 

The largest Amex moly- 
bdenum cut ever occurs at a 
time when metal demand has 
construction and capital goods 
industries and all mining is 
sliding into depression- The 
move is expected ; to - reduce 
Amax's 1982 molybdenum out- 
put at its two Western urines 
to about 55m pounds. 


BY RICKARD MOONEY 

DANISH BACON rashers will' 
be up to 6p a lb cheaper in tee 
shops next week following a 
first-hand price cut announced 
yesterday. At tee. same tune 
egg prices are expected to come 
down by 3|> to 4p a dozen. 

ESS-Food, tee UK marketing 
arm of ., the Danish- bacon fac- 
tories' export . association, has 
cist its price to wholesalers by 
£80 to £1,370 a -tonne. Oopr a 
whole side-, this would be 
equivalent to. a little under 4p 
a H>, but tee greater part of ' 
tee reduction is 'likely to be 
concentrated on middle cut 
rashers which could be 4p to 6p 
a lb cheaper. . 

The market for fore-end joints 
and gammons has been rela- 
tively firm recently. . 

ESS-Food said the price cut 
followed cheaper offerings by 
British - producers. .“ Although 
the market for* ends has. been 
good there was a risk that 
unless we took action competi- 
tion from low-priced middles 
would undermine the demand 
for Danish sides," said Mr Svend 


Bemsen, tee managing director. 
. He said consumer purchasing 
of bacon had been. edging up 
over tee last six months in 
spite of higher prices. 

■ Once the cut has worked 
through to shop level it will 
be followed up with television 
and point' of sale advertising 

Denmark’s share of UK bacon 
deleveries in tee first quarter 
of this year was 45.5 per cent, 
up 2 per cent from the same 
period last year when shipments 
were hit by a doekworkers 1 
strike. - 

, Goldenlay. Britain^ biggest 
egg marketing consortium 
announced yesterday that it will 
be reducing prices next week 
by 3p a dozen for sizes one, 
two, three and four; and by 4p 
a dozen for the smaller sizes, 
five, six and seven. 

It. said tee cut resulted from 
overproduction over tee Easter 
holiday. This is a -regular 
phenomenon at Bank holiday 
time when shop closures reduce 
demand' but hens carry on laying 
as usual. 


Upturn in lead 
market expected 


HAMBURG — Pressure on world 
lead prices, which have fallen 
about 9 per cent over the past 
year, will continue for the next 
few months, hut an upturn is 
probable in the second half of 
this year, the VTWWA. economic 
research Institute said, here 
.yesterday. . 

Prospects for a price recovery 
are due mainly to an expected 
rev iv al in the U.5. automobile 
industry, whose recession con- 
tributed to a 3.2 per cent fall in 
the' western world's lead con- 
sumption last year; <it said. 
Higher consumer demand later 
this year is likely to persuade 
producers to build up their 
stocks nf unrefined lead, which 
are low at the moment, arid this 
in turn would push market 
prices up., it said. 

Even if demand from the car 
industry does rise later this 
year, lead producers are likely 
to continue operating below 
capacity since their stocks of 
refined lead are high at tee 
moment, the institute said. 


Lead consumption in the 
western world is likely to rise 
slightly this year from the 3£m 
tonnes consumed in 1981, but 
production is likely to remain 
unchanged at 3.9m. -- 

Net western lead exports to 
socialist countries are also likely 
to remain unchanged from their 
-1981 level of 130.000 tonnes, 
meaning there should be only a 
small production shortfall at the 
end of the year to be made up 
from stocks, it said. 

In London the Rio Tinto Zinc 
Corporation said it had no plans 
to shut, down its copper mining 
operations in line with last 
week’s- move by Phelps Dodge 
of the U.S. Apart from its loss- 
making Spanish mine, most RTZ 
copper mines were low cost 
operations. R explained. 

The company's copper opera- 
tions were running at 90 per 
cent capacity and there were no 
plans to reduce this, RTZ chief 
executive Sir Alistair Frame 
said. 

Reuter - 


Rise in UK 
cocoa use 
seen 

. By Our Commodities Staff 

UK COCOA bean grinding 
figures for the first quarter of 
1982, which should be pub- 
lished soon; are likely to shnw 
a rise of between 10 and 20 
per cent compared with 
January -March last year, 
according to London traders. 
But they believe the rise 
represents displacement of 
cocoa batter and powder 
imports rather than an in- 
crease in end consumption. 

- Last year’s first quarter 
grindings total was 21.400 
tonnes, itself up 38 per cent 
from the comparable 1980 
figure Manufacturers are 
continuing to increase their 
grindings because of favour- 
able margins compared with 
Importing cocoa butler. . 

The projected UK first 
quarter rise is higher than 
those forecast this week by 
local traders in the'U.5., un- 
changed to up 15 per cent, 
'West Germany, up l to 5 per 
cent, and the Netherlands, up 
5 per cent 

The -market is generally 
expected to remain depressed, 
however, in view of tee per- 
sisting overproduction prob- 
lem — world stocks are expec- 
ted to reach a 16-year high 
this season — and doubts about 
the ability of the International 
Cocoa Organisation to under- 
take effective price support 
measures write the funds avail- 
able. 


FARMERS 9 VIEWPOINT 


Warning sounds for pig breeders 


Soviet meat 
imports rise 

BONN — The Soviet Union 
imported 9S0.000 tonnes of near 
in 19S1 after 820,900 tonnes in 
1980 and 611.300 tonnes in 1979, 
the East Bloc Agricultural 
Newsletter said. 

Quoting an official article in 
tee “ Ekonoraiceskaja Gazeta," 
the private West German pub- 
lication said Soviet butter 
imports fell almost 14 per cent 
-in 1981 to 215,000 tonnes. 

Ibis indicates that butter 
supplies on the domestic market 
were further reduced last year 
as Soviet butter production fell 
in 1981, it said. 

Thp newsletter gave the 
following. 1981 import data: 
556m eggs (against 737m in 
1980). 41.000 tonnes coffee 
<48,300), 131.000 tonnes cocoa 
beans (126.800) and 213.000 
tonnes of fresh vegetables 
(132.800). ' 


YOU SHOULD be warned that 
in this article I have to declare 
an interest A fair- proportion of 
my farm’s income is derived 
from a pig herd, and although 
at the moment things are not 
too bad, there are some rather 
frightening indications looming 
up which could damage this 
sector quite substantially. 

Overall the present meat 
trade is quite strong, but this 
is due not to consumer demand 
but to shortages of beef .and 
sheepmeat and to some extent 
pigs: slaughterings of which are . 
are all down on the year before. : 
The reasons for this are quite 
interesting. The beef herd, ! 
which produces pore-bred beef, - 
is soixtantially down bote in tee 
UK and Ireland, where farmers 
have found - that !t is -more pro- ■ 
Stable to produce milk or grain 
than beef. 

In this they are following the 
European example where ani- : 
raals to be raised specifically for 
beef are a much lower propor- 
tion of the cattle herd than they ' 
are in the UK and Ireland. 
European beef is In tee main 
produced from cows or cattle 
slaughtered as veal or at most 
what we would call the year- 
ling stage. 

In any case this decline in 
numbers is most fortunate for ' 
farmers, as consumer demand is 
very weak due to the higtf cost 
of beef. Many families, I under- 
stand, seldom buy a beef joint 
from one year's end to another, - 


and this proportion is increas- 
ing. 

The high price of sheepmeat 
at the moment' as due to the 
workings of tee EEC sheepmeat 
regime. This guarantees a firm 
price on a seasonal scale. The 
way this worked last year meant 
that it suited farmers better to 
sell the bulk- of their lambs dur- 
ing the . summer, so leaving 
many fewer .-to fatten during the 
winter and early spring. - * 

There has been, a good de- 
mand for these, particularly 
from the 'continent to which 
they could be exported with- 
out th'e detriment of the .claw- 
back, the equivalent of the defi- 
ciency payment which has been 
unnecessary for the last three 
months. New Zealand has also 
been controlling arrivals of lamb 
so as not to harm the market. 

These circumstances have 
been a great help to the pig 
sector, which in any- case pro- 
duces tee cheapest meat other 
than poultry,- and the immedi- 
ate prospects. are reasonable at 
present but could soon become 
difficult.' Pigmeat is not sup- 
ported in the same way as beef 
and sheepmeat by the EEC. 
There is no intervention support 
and private storage is! of little 
real help. 

By July things could be very 
different The outbreaks of foot 
and mouth disease in Denmark 
have caused the Japanese and 
U.S. governments to stop all im- 
ports from Denmark of port: and 


bacon products. Last year Japjm 
took 70,000 tonnes of pork from 
Denmark. The- UK at the 
moment will allow the importa- 
tion of bacon and ham from 
the rest of the country outside 
tee affected areas. The situation 
regarding fresh pork is still un- 
clear. 

In any case the continuing 
ban on imports by the U.S. and 
Japan .will increase supplies in- 
store which would overhang 
the market 

. The lamb situation could also 
change . significantly as home 
supplies flood the market from 
June onwards. If the seasonal 
scale is on the same basis as last 
year, there could be yery heavy 
supplies on tee market. Prices 
could collapse and while sheep 
farmers would be protected by 
the subsidy and the consumer 
by the cheaper prices, pig far- 
mers would be on their own. 

By all -accounts the lamb crop 
.this year has been very good, 
certainly on the lowland farms 
where the bulk of fat lambs are . 
produced. There is at the 
moment sufficient feed and the 
lambs look very well. The Meat 
and Livestock Commission has ' 
forecast; an increase of 3 per 
cent in supplies, but this was 
before the lambing started. 
They could be much higher. 

The joker in tee pack is New 
Zealand. Last year .150.000 
tonnes of New Zealand lamb 
were imported into the UK out 


of a total sent to the EEC of 
170.000 tonnes. Well down on 
"the 240.000 tonnes allowable 
under tee regulation setting up 
the sheep regime. This year 
it has been decided to ship 
another 35.000 tonnes to this 
market although it has been 
stated that their arrival will be 
phased so as not to harm the 
balance of tee market as they 
have done in the past. 

There is a serious note In the 
sm unresolved difficulty of 
New Zealand exports to Iran. 
That country took 100,000 
tonnes last year and a contract 
covering 70,000 tonnes should 
have been signed some time ago 
but is still hanging fire. So 
serious is this situation that the 
New Zealand Meat Board has 
taken over the meat so that the 
exporters can survive financi- 
ally. There is a possibility that 
much of this meat could be sent 
to the EEC — meaning this 
country — should the Iranian 
deal fall through. 

This possibility is strenuously 
dented by -the New Zealand - 
authorities, but it is difficult to 1 
see where else in the world 
there is a viable market for this 
tonnage. I sincerely hope the 
Iranians will sign on the dotted 
line, and so prevent the pros- 
pective flood of lambs from 
becoming a valaract in which 
my pigs could drown. 

John Cherrington 


U.S. expects Soviet grain talks soon 


WASHINGTON — Mr John 
Block, U.S. Agriculture Secre- 
tary. said he expects regular 
consultations between the U.S. 
and Soviet Union under their 
long-term grain agreement to be 
held in the near future, prob- 
ably next month.. 

Other Administration officials 
said U.S. and Soviet represen- 
tatives have been discussing 
dates for the ' talks, but no 
decisions have been made. 

' Mr Block told a meeting spon- 
sored by the chamber of com- 
merce that he expects the Soviet 
Union to be " a -strong buyer ” 
of U.S. grains rn the months 
ahead, but he gave no specific 
figures. Over the past two 
months, he said, the Soviet 
Union has been a big buyer of 
U.S. feedgrains. 

The Soviet Republic of Byelo- 
russia aims to produce 7.7m 
tonnes of grain in 1982. the East 


Bloc 'Agricultural Newsletter 
said meanwhile.. 

The Bonn publication quoted 
the Republic’s Agriculture 
Minister. Mr F. P. Senko, as 
saying yields of 2.53 tonnes per - 
hectare would be necessary to 
achieve this aim. 

I-t said official 1981 harvest 
figures are unavailable but 1981 
average grain yields in the 
Republic were 1.92 tonnes per 
hectare. Based on the 1980 
grain area of 3.12m hectares, the 
1981 harvest would have risen 
to around 6m tonnes from 5m 
in 1980. . - 

The newsletter said a good 
1981 harvest was also indicated 
by increased deliveries by 
Byelorussia to the state, up 
771.000 tonnes compared with 
1080 to 1:8m tonnes. 

The republic's farmers have 
increased the area sown to 
winter grains, especially winter 


rye, and summer wheat, oats 
and peas in the past few years. 

Mr Senkb said new strains of 
seed and advanced farming 
technology will be introduced 
in 1982. 

' The area under agricultural 
use in the Soviet Union 
declined by 1.1' per cent in 1981 
to 214.94m hectares, the news- 
letter said. 

Quoting official statistics, it 
said the grain area fell 0.8 per 
cent to 125.6m hectares with 
winter wheat area' down to 
20.3m hectares- from 22.6m. 
summer -wheat unchanged at 
38.9ra and summer barley at 
30.2m against 30.1m hectares. 

' The area sown to cotton rose 
to 3 Jim from 3.1m hectares and 
the sugar beet area fell to 3.6m 
from 3.7m. 

The oilseeds area fell to 5.7m 
hectares in 1981 from S.Sm in 
1980 with sunflowerseed down 


at 4.2m from 4.4m and soyabean 
area up at 564,000 hectares from 
S54 .000. 

The area sown to maize for 
animal feed and silage fell to 
36.2m hectares from 17m while 
potato area was steady at 6.9m 
hectares. 

In Washington the U.S. 
Department of Agriculture said 
East Germany’s grain import 
needs in the current 1981-82 
season may be above the 3.2m 
tonnes imported last season be- 
cause of another disappointing 
grain crop in 1981. 

The department said total out- 
put fell to less than 9.0m tonnes 
in 1981 from 9.6m in 1980 and, 
with stable livestock numbers, 
this will result in higher im- 
port requirements. 

Reuter 


BRITISH COMMODITY MARKETS 

BASE METALS 


BASE-METAL PRICES, wart «*■» tin 
th* Utodun MatM Erthanq* ^following 
tha pear tMrtPnrgnca m nreiom+lt U S. 
BUrfctn winch ortcnuraqed wndBSDfMd 
. outfit. tafcrag. COPPW touched £884 bo- 
tor* ofctotofl at €897.5, Load toll 10 £333 
prior «o Btidiira tha day at €336.75 and 
Zinc wts hnslfy C*1S. aftflr C*10- Ahi- 
mUrium and Nickel closed *» €584.5 and 
. O.ITT <wo*ct'vaV Rumoured heavy 
ourchww by th* buffar alack manaqer 
ISftlhree month* Standard Tin It C7.370 


Afrenwon; Standard, cash £7.140. ahrea 
month* 0.370.: GO. 70. 65. 70. Kerb; 
Standard, three months €7.365. 70. 75, 
70, 80, 70. Tumovar. 2.305 lonnas. 


■ a-m. !+ or p.m. or 
LEAD ' Official ! — unofficial. -1 


an lira lara Kerb. 

' 4km. 

.a or p.m- + or 

COPPER Official 

: UnoTTiotol — t 

• i. . £ . 

- '* j £ 1 £ 


Win... ..n>r.a n.a Dw.a ».J —6 

S mtfl*; 8«L5 7 897.5-8 

Satttam’t 868.5 r-p 
Cathodes . 

Cash.. .... : 882.8-3 -1.75. B64-.5 .-5.7ft 

•3 months: 891.3-2 --B.& 89 3 .9 ,-A.b 
SaQIam't • 863 —10 , - 

U3. Prod. _ - • - *7*-» 

' AffWfgenratod Mate! Trading reported 
that «n Wra morning throe monies Higher 
Grade traded at £895 00. 9S 50. 97 00. 
97 SO. 97.00. 96.50. 97.03. Cathndes. 
cash €882.00. three months 1891 -P0. 
SI. 50. K**b. Hvjhai Grade, ihrre- month* 
£89700; 98 50 Afternoon: Higher Grade, 
throe i muif ti* £89300. 94.60. 9S.00, 
35 50. ' 98 50 97 00. 97 M. 98 no. 

Cathode*. .cnh £864.00, . three months 
€887.00 . Kerb: Higher Grade, three 
mtmtti €838.50. 99 OO 9ft, $0. . 98.03. 
97 50.. Turnover: 17.059 tonnes. 


A £ 

Cash 321-.6 i— 8 - 335-4 -4.37 

3 months 534 .hb : — 8.5. 336.5-7 ;-5,57 

Settlem't 331.5 -8 - 

U.S. Spot - __ l ....... _ • 36-50 ! ; 

Lead— Morning: Cash €321.00. three 
months €333 00. 32 00. 32.50. 53.00. 
33 59. 33 00. S4.00. ‘34.50. 35 00. Kerb: 
Tbnio month e £334.50. Attn moon: Three 
months £334.00. 34 SO. 35 CO. 36 09, 
36 W. 37 CO. 38 Kerb: Three months 
£337 00. 36-50- Turnover. V 5.350 tonnes. 

• i aSn. + or p-m. :+ o 
ZINC | Official — Unofficial — t 

- ,-rp- - £ 

Caeft-:..-, 410,5-1 +.25 -*1D 5 11.5. -1.5 
5 months 415-.5 -.1.5 4 13- .5-4 -2.5 
S'lHent...: 411 . — . — . ; - • 

PrirnwTe ! _ -- ^.. .. *35 -9.5 

Zinc— Mnmmg: Cash £-111 SO, 11.00. 
Three months €410.50. 11.n0. 12 00, 
nxon. 15.00. 14.50. 14.00. 13.50. 13.00. 
Kerb: Three mnnUie [414.50, 14.00. 
13.00. 12.50. 12.00. 11.50. Alreinonn; 
Thiee months £412 50. 13.50. Kerb: 
Three months £414 00, 1S.0P. .16.00, 
15 00. Turnover: 14.42S tonnes. 


NICKEL i a.m. '+ or p.m. 4-or 
; Official — -Unofficial 1 — 


Spot- ! 3085 90 '-2.5 1 3060-70 -20 

5 month*! 515M0 | -R 1 512 °- 6 r 20 

* Cants per . pound, j MS per Kilo, 
t On previous official dose. 


WHEAT 


Muter 


SILVER 


Silver was fixed 5.05p an ounce lower 
for r.por delivery in the London bullion 
market yesterday et 42S 75p. U.S. cent 
equivalents of the fixing levels wee: 
soot 74S.Sc. down 12 3c: three-month 
776.1c, down 13c: six-month 803 1c. 
down 14. 4c: end 12-month S5S.1c. down 
14 4 The metal ocened at 427-430o 
(751 -756c) and dosed at thB same level. 
^ - . : 

SILVER | Bullion '-r or. L.M.E. i-t or 
per : fixing j — : p.m. ■ — 
troy ox. | price j . UnoffioT, 

Spot.. .... 435.75p -B.05' 427, 5p (-5 
3 momhs_43IL35p -E£55. 441.9p U-4,8 
6 rnoMfos.45S.D5p r-e.1b — I .. — 

12months4BQ.40p l-5.6 0j - ! 

IME — Turnover 138 (141) lots ot 
10 0C0 ot. Morning: three months 440 3. 

40.0. 40.5. 40.5. 40 0. Kerb: fhiea 
mrvUJts 440.0. Afternoon: three monlhs 
442 2. 42-6, 42.0. 41.8. 41.5. 41.3, 41 5, 

42.0. 41.8. Kerb: throe months 441.0. 


TIN 


a m. -Hsr p.m. 

Official - Unofficial 


High Grade £ ' £ - £ • £ 

Cash 7115-80 ->10 7156-40 -+B 

StoWrtha 7840-5 -U T370-5 ,4-iO 

Settlem't 7180- -ID - 

standard 

. cash, 7115-SO "—18 . 7156-40 ;*8 

3 month* 7340-5 -10 7560-B ,+ IS 

SWttemt . 7120 —10 - 

-Strpfta I. - 182B.44 ... - 

N«W York - _ „ 

Tin— Mormnft 1 Standard; cash C7.-115. 
Three. months £7.353.7 30, 40. 45- Kerb: 
Standard, three mq>Khs £7.350. 60. 70. 


Aiuminnv- a.m. +or! p.m. ;+or 
‘ Official i — 'Unofficial — V 

! £ — ; £ . £ I £ 

Soot. r 872.5-5 ,-P.K 572-3 45.75 

smonthej 595-3 i+5.7bj 894.5-5 -3.5 

Atu minium— Morning: Three months 
£595 00. 98 00. 95.00 Kerb: Three 
month a €598 00. Aftoweonr Three 
months C596.50. *00. 35.50. 35.00. 
Kerb: Three months £595 50. 95.00. 
95.50. 95.00. 94.90. Turnover: 12£75 
tonnes. 

Nickel — Mcrrnru Ceah C3.Q6S, three 
month* €3.140, 35. 40. Afternoon: Three 
tnnnine €3.135, 37. 35, 30. 35. Three 
month* £3,125. 


COCOA 


.Yaetard ye +or Yest rdys -for 
Mntn close — ; close — 

May- 116.99 *0315 111.89 +0.05 

July... 333.50 -CUV - - 

Sept. 107.90 O.B 103.75 -0.18 

Nov_. 111.80 — 107.60 —0.10 

Jan 115.70 — 0.1B 111.60 '-0.15 

Mar- _1 19.45 -O.B5__l 15.30 -0.10 

Business dene— Wheat: May 119 00- 
118 63. Julr 122 60-122.23, Sam 107 95 
only. Nov 111.80 only. Jen 15.75-115.70. 
Match 113.43 only. Sales. 200 lets ot 
103 tonnes. Barley: May 111 .SS- 111 .73. 
5ept 103 85-1C3 75, Nov 107 65-1C7.60, 
Jan 11 1.65-1 11.60. March 115.20 only. 
Sales: 107 lots of 100 ic-nnes. 

LONDON GRAINS— Wheat: U.S. Dark 
Nnrtbem Spr-irg No. 1. 14 per cent: 
May 117.50, June 117 25. Juiy 115.73 
transhipment Earn Coast seller enjhsn 
fgei fob: Sept 111 East Coas\ Oct/ 
Dec 115.50 East Coast scHer Males: 
FrMsJt: Apnl 134.00 transhipment East 
Coast setter. So mil African V/.-me/ 
Yellow May/June 33.50 stltor. Barley; 
EnfjJish Feed, fob: Apr.i 116 East Coast, 
May 116.75 ICiry’s Ly-vt, Aug 7C5.50 
Boston. Rest unquoted. 

HGCA — locational ex-famt-spor prices. 
Feed barley: S. East ICS 33. S. West 
103.60. V/. Midlands 111.30. N West 
103.40. The UK Maeetaiy Coefficient 
for The wee* beginning Monday Apnl 
13 is e x pect e d -to remain unchanged. 


Caribbean pons. Prices for Ac of 14: 
Daily price 1009 (13.10): 15-day 

average 10.52 (10.67). 


PRICE CHANGES 

In tonnes unless otherwise stated. 


AMERICAN MARKETS 

Wednesday’s closing prices 


COTTON 


LIVERPOOL — No spot or shipment 
asfes ‘ware registered- Caution per- 
vaded The market and trading was at 
a low sbb. Few inquiries wire received, 
mostly in The Middle Eastern range, but 
African quahbes ware not entirely, 
neg leered, 


1 Apr. 15 
[ 1082 

j +or^ 

Month 

ago 

i ! 1 




For Further Details 
Contact D. Wolicnden on 01-251 r4d1 


• * * * 

• • * * 

# * •••* a< 


• ••****••* *••• 

* * * • * * _ 

o * #*♦* *»♦ 

© • • • * _ * 

• • »••• » * •** 


-« f ;* 1 


World markets as they move 


futures opened bighet a* due anamst 
The New York cloie but eased on 
jobber piotit-taVmp and hedging of 
modest Brazihap safes, reports G.+l and 
Duffus. 

iYea' rday" + or , Business' 
COCOA i Close | — I Done 

April.... 03545 1+10.0! ~ 

May _....! 073-74 (+1.0 j 985-70 

July | 3010-12 0.5 1021-05 

Sept ..J 1043-45 ,—0.5 ! 3053-40 

Deo I 3082-85 ) ' 1091-80 

March 1108-14 --1J3 . - 

May 1128-32 ,-0,5 , - 

- 1143-48 i — 4.5 , 11 48 

Sales: 1.532 (1.946) lots of ICO 
toiinns. . ' 

jCCO— Daily, price fob April 14: 76 ES 
(77.5PJ. Indicator price lor April 13: 
77.43 (same). 


RUBBER 


In* London physical marker rpsrwd 
stead's*, attrscird la r interest threugi 
the day and closed quiet Lewis aid 
Peat recorded a May fob p/t? for 
No l R53 .n Kuala Lumpur of — — 

(2*17 5) can a a ka and SMR 29 

f 181-0). 


No. 1 YestVys Previous- Business 
fLS-8. ' close dose Done 


WOOL FUTURES 

BRADFORD— There was soma enquiry 
and new business but net at higher 
pr-res. The Falkland island eusi* has 
Hid HtHs effect and interest centres 
<?n order books end machinery .activity 
for the year. Problems surrounding 
Souih American wool are either for 
scccahty types or related to shipping 
difficuvt es whuh are not always due 
to the threats of war. 

LONDON NEW ZEALAND CROSS- 
BREDS— Close (in order: buyer, sailer, 
business). New Zealand cents per kg. 
May 391, 407. 391-330; Auqs 413. 417. 
418-412: Oct 4Z2. 425. 423-416: Deo 
429, 424. 424-415; Jan 423. 423. 425- 
418: March 431. 436, 436-431; May 437. 
446. 446-437; Aug 448. 453. 453-445; 
Oct 449. 415. 455. Safes: 125. 

SYDNEY GREASY WOOL— Close (in 
order: buyer. aeUer,- business). Anet- 
re'ian dents ner kg. May 555.5. 556.0. 
556.0-552.0; July 553.6. SS4.0. 554 0- 
5S2.0; Oct 27.5. 527.5. 529.9-5Z7.0: Dee • 
527.0, 529 0. 530 0-528.0: March 531 .5. 
532.5. 533.0-531.5; May 526.5. 527.5. 
unfraded: July 546 0. 547.5. untraded; 
Oct 542.5, 5439, untraded. Sales: 152. 


Metals 

Aluminium 

Free Mkt 

Copper 

Cash h grade... 

3 mths 

Cash Cathode- 

3 mths 

Gold troy ox,... 

Lead Cash 

3 mths....„.... 
Nickel 

Free mkt 


[£8101815' 

31005/1056 

'£869 1 

£397.75 

X864.25' 

£893.25 

8363.25 

£323.5 

£336.75 

£3926 

245r276c 


£81 0/B1 6 

£1035/066 

'-6 £847.5 

-6 ’£876.75 
—5.76 £845.25 
—4.6 £875.5 
-1.76 S323 
-4.176 £342 
-6.576 £349.5 - 

£3824 

265/2850 


Platln'mtr oz y£260 1 <£260 

Freemkt..:... £201.40 -0.3 £174.50 
Quicksilver/ ... 5375/385 -5 5390:400 

Silver troy or ... 425. 75p —5.06 593. 80p 

3 mths..: 439.35p —5.56 406.30p 

Tin Cash £7138 :-r8 £7205 

3 mths. £7372.5 +10 *7410 

Tungsten 22.0 IbiSl 20.32 j '6124.86 

Woifrm22.4fDbsS 102/107 —1 IS113/1I6 

Zinc Cash £411 ‘—1.9 *444 

3 mths '£413.75 '-2,6^449.6 

Producers. ...|»860(B00; _iSBOO 

Oils i ! I 

Coconut fphm >3508u ,-10 3485 

Groundnut. _ ,.8685y | — 10 | : 

Unseed Crude! S i f 

Palm Malayan ;8503.5v ! .JS302.5 

Seeds I : 

Copra Ph Hp ...-6340y ; : . ; >330 - 

Soyabean (11.8.1.8273 + 0.8 .6262 

Grains ■ ; 

BerleyFut. Sap £103.75 -0.10£110.50 

Maize (£134 | : 

Wheat FutJuly l £122.50 ;+0.ffl£l 16,65 
— "Tinti * - * 


POTATOES 


No-ZHardWintj 


-1 


May 

June-. 

JiySept 

Oct-Dec 

Jan- Mar 

Apl-Jne. 

JiySept 

Oct-Dec 

J'jvMch 


55.00-5S.70 
56.70-57.58 
53.20-5(^0 
59^0-59.(0 
69.40-60 JO 
61.90 62.00 
65.50-66.40 
S4£0EJB 
£6.40-6630 


S4JO6SJI0 - 

55.103638 67JSQ 
B7JU-57.es 89.00-57.70 
58^0-SS.S) 53.30 53.50 
593049.90 BO JO- 60.08 
61.50-61.50 — 

SU0-S2JQ SS.70 
634044.40 6540 
6U046.00 66.50 


COFFEE . 

Shnrt- covering • in Him spndit'ons 
produced a steadier then an4*.p&Jed 

apEPin?t, reports Orexei Burnham 
UamhrTT, Additional gams were met 
by mixed letting. - 

1 lYeste rday 1 *: . ■ 

COFFEE ! Close j+ or Buomess 

.i— : ! Done 

. i£ per tonne. i 


May 124042; -14-13.5 1844 28 

July ■ 1178-78 1+7.8 11178-63 

Sent- 114847 14-9.0 315133 

Nov J. 134-38 ,♦ 10.5 1133-30 

January.—, 1130 34 f + 9.0 ;i 134-27 

March 113040 1 + 18.5 - 

May .... liao-an j+ 25jB - 

Sales: 2.353 (2.739) Iota of 5 tonnes. 
ICO Indicator prices for.. Apr.) 14. 
(U.S. wans per pound): Comp, daily 
1 379 123 96 (121.74); IS^jy avsrge 
IS.Eo (124.03). 

GAS OIL FUTURES 

Thin conditions prevailed throughout 
as prices moved m a narrow range 
alter an aasiar opening, reports Premier 
Mon. 

“^TT ~YMt , ffw , 8r+oi ,r Business 
Btonth , close ■ - : Done 


1 »UA j 

pqr tonne.’ 

April.......... 1 277.50 l + S88 , 779JW-7B.W 

May. ! 278,75 i+ 1 JOSH jJ8-7b.OO 

June. 1 278.35 j+O.75iaiJ0-?5J>0 

July.. I B7B.50 » iMU5.T7.flO 

August,.... 281.75 St4£fl-«2J» 

SepT- ! 285.25 l-0.M237.00 

Oat. ...—1 288.50 ;+OJK - 

Nov 292J0 +1J0 - 

Dec J 293.50 l-HJW - 

Turnover: 2.236 (3.009) tots ef TOO 
tun^ss. 

GRAINS - 

Old crop? opened higher, new crops 
unchanged. Profit- taking eased Md 
crops bock but prices recovered si fire 
close New craps ssiad ahgntiy. Ash 
reports. 


S-»'-es 53 j (2991 tots el 15 Tunnes. 
7 |ivi) I015 of 5 ronnes. 

Phys.taJ t-'iw-ng twees (buvers] 

wric- Soot 5 u.CTp (54 JZp). May 53.0Cp 
(52 75p): June 53. 7sp (53.57p). . 

SOYABEAN 1WEAL 

The merle: opened 5Cp easier, 
re DC it* T. G. Reddish. Pnses remained 
m narrow ranges m qu-et conditions. 

lYastordye'-f or* Business 
: Close — ; Dene 

_ . j 

per tonne' 

April 1*1.60,44.9-1^ 1M.80 

June IffJDJM-O.lB 166.fla46.40 

August. , ;55^137J7 — ■ TW-604fi.M 

October.. ... 157J ttWZJ -O* 1*1.09^5.00 

Dec ’.40.».«ii - - W0.90 

Feb....:. ..,1*140*3.3-030 142^0 
April^__... .. 145.09 •*&£ -0J5 — 

Satos: 237 (2S7) Jot* of 10 unr.Ss. 

SUGAR 

LONDON DAILY PRICE-Raw svear 
£142 34 f£U1 00) a tcooq =.1 Apr -Ms-/ 
Eh-rmen: Y/h.te sugar daily prsa 

£15103 (£16700). 

In a marker fackieg mtam.ve trad-ng 
was cmftned wrtlun t fia® range. ’ 
rqpnrt* C. Czam kqw. 

No. 4 Yesterday' Previous Business 
Gen- 1 dose dose ' dona 
tract : 

8 pertonna 

May^-- ^W^M9J814«JB-ttJS14UiU7J5 
Aug — IM.50-5«9.JHJ9-S2J81sajMLM 
Oot-..-.ft7^£37JSOJ».7M8jOD-lBajO-57Jft 

Jan ...lBWO^ijs'isojwajio - 

March T c 7.5W7J»16S£a3aJ5 

Msy.-- m»-7tLW no.6*-Ti job m.is-n.a 

^g y ...174J1 0-7A.T9’.T74a6-75 j S0m.a 

Seles: C.3M (5.0C5) tots cf 55 tpenes. 
T«* and Lyle, delivery pn«e l-r 
gTsnuiBted baa’s taA.te sugar was 
£374.00 (asm*) • ton.-.e Isb for heore 
trade sad SSsOJOO (£247 SOI for exovr. 

IntsmshPPei Sugar Agreement (U.S. 
sents pw pot re) feb and sawed 


LONDON POTATO FUTURES — April 
and May were intoslly steady, opening 
at £82.50 and £39.00 respectively, and 
tradsd higher before easing back. May 
strengthened again rewards the close, 
reports Coley and Harper. Closing 
pnee 5- Nov 63 70. -0.10 (high 64.10. 
low 63.401: Feb 73.70. -0.30 (high 
74 10. low 73.40); April • 83 >0, no' 
Change (high 84.00. low 83 00): May- 
9250. no change (high 92.50. tow 
S3.0O). Turnover 218 (723) Ions' of 
40 tonnes. 


MEAT/VEGETABLES 

SMfTHFlELD — Pence per pound. Bed: 
Scotch Ic'Urd sides 85,8 to 88.3. Veal: 
Dutch hinds end ends 124. 5-129 0. 
Lamb; English small (new season) 
lino to 115 0. medium (new season)’ 
injs.n m 112.0, heavy (new susnn) 
ir«2.0 tn 103 0 Imported:. Mew Zealand- 
rt. 64.8 tr» 66 5. PM 65 0 tp- 06 0, PTC 
63 5 tn 65 0. Yls 625 to 64.5. Ho gue to : 
Emjlrsh 87 5 to 96.0: Scorch 38.0 to- 
32(1 Parle' Enu|i«h. under 10O [b 41 0 
In MO. 100-12*1 lb 45.0 to 555. 123- 
160 lb 41 0 to 53.5. 

COVENT CARDEN P rices -tor the 
bulk of produce, m sterling per pack- 
age except where othenvuq stared: 
Imported Produce: Oranges— Spams: 
ipkg Navels 42/130 4.60-5,50: Cyprus: 
15kg Valencia Latos 3.804.60: Jaffa: 
20kg Shamouti 50 5.50. 60 5.70. 75 5.R0 
88 5.60. 10S 5.45, 123 6.20. 14A 5.2ol- 
168 5.13; Moroccan: 16kg -Valencia Latos- 

43/1 13 3 50*5.00 Mandarine— Span ia- 

3.50- 5.00. Topaz— Jaffa: 53/80 5.25- 
610. Lamona— Cyprus: 10kg 2.60-3. 2D: 
Spama: trays. -5kg ..40/50 . 1.40-1.80; 
Jinn; 16kg 105 4.S0; U.S : 17kg 5.00- 
fi.OO; Outapan: ISSkg 80/120 4 50-5.50, 
Grapefruit — US : -16/17kq. Texas Ruby 
6.00-7 00. Florida Ruby 7.50-8.®; 
Cyprus: Large cartons 20kg 3-JO-4XQ. 
small cartons 4«kg 2JBD-3JQ; Jaffa; 20kq 
27 4J5. 32 4.55. 38 4.6S, 40 4.75. « 
4.95. 56 5.60. 84 4 30, 75 4.00. 88 3.75. 
Ugif FntH — Jamaican: 14/56 5.00-10,00/ 
Ortaftlquem — Jamaican: 46/126 5.00-750. 
Apple*— French: Golden Dellcimra 9kq 
3,40-4.20. IBkfl 6.00-8 JO: New Zealand: 
18kq Cox's Orange Pippins 12.50-13.00, 
Golden Delicious 9.00; Chilean; ISfcg 
Granny' -Smith 1 1 00-11 20. Stacking 
11 00; S. African: I8kq Golden Delicious 

9.50- 11 .CO. Stacking 1T.tXM2.0o, Granny 
Smith 11.5O-1Z.50; U.S.: 18kg Rad 
Dslicmo* 9.00-13.50- ■ Peers— Chilean: 
18kg Pack ham's Triumph 11.00-11.50; 
S. A<nean: 15hq Packham’e Triumph ' 

8.50- 10OO. Comics treya 3*iko 3.EO. - 
Beuna Base 341b S.50-3.50: Italian: Pai; 


Other ' ■ '| 

commodities ! 

Cocoa ship't* "£973.6 ..;:. .£]093 

Future May £973.0 1+7.6 £1076,6 
Coffee Ft" Juty ;£1 173.5 . + 7.5 <£1229 

Cotton AJndtsx 71.15c ’ '.70.65c 

GaaCMI May ...: ; S8 78.75 +1 S257.S5 

Rubber tkile;.. ,56p +a.n&9.So 

Sugar (Ttawr. . £142y i + l |£148 
Wodft'psSta Mj394p kilo! [3B8pWlo 

f Unquoted, x May. vjune. y April- 
Miy u Mav-June. t Per 7o-fb flask. 

* Guana cocoa, n Nominal. $ Seller. 

pound Pasaacrassane 016-0.18: Dutch: 
12kg Conference 7.30; Australian: 281b 
Williams' Bon Chretien' '8,00-8.50.' 
Grapes— S. African; Waltham Cross 
S.60-S.80. Bari inks 5.30-5.50. Chilean: 
5kg Thompson. 6.30-8.60. Plums — 

5. African: 5kg per tray Golden King 
7.70. Strawberries — Spanish: So? 0.30- 
0.50; Israeli: 0 50: Italian: 8oz 0.45-0.50: 
U S.: 12oz 1.20. 

Melons — Colombian: 10-kg Green 
4 8D-6.00: S. African: White 4.00-4.00; 
Chtfean: 15-Vg Green 9 03:- Gnalemala: 
10-kq Wff'ie 4.50- 5. CO: Columbian: 

1 0-irn Yelle-v 5 D3-B CO Weier-Mefons: 
Puerto Rican lO-kg 10 no Pineapples 
— Jvory Coast:- Each 0 .j5-1TCi Bananas 
—Colombian: 40-lb boxes 8.83-9.Z3. 
Avocados — Israeli: 3. CD-3.80. U S : 

6. CC: S. African. 3 20-3 60. Mango es— 
Kenyan: 8/16 . .4-01-5 00. Venezuelan: 

6 C3-8.53. Tomatoes — Canary: 6-k-j 
4.03-6.00:- Dutch: 6-k$ "A" 6.00. "C" 
5.80;- Moroccan:- S-hq 3. SO . Onions— 
Spanish: 25-kq Grano 5/5 * CO-3 07; 
Chilean: 3/5 5.40-6 50 Capsicums— 
Canary.- 6-kg -Green 4 50-5.03: Dumb: 

5- kg Green 5.53-6.00. Red 10.00-11.00. 
Yellow 18.C3: Spanish: Green 4.50: 
Canary: Rad 8.00. Spring Cflbbflgo— 
Franeb: -27/28. to 03-5.00 Cabbape— 
Dutch; White 5.20-8.00. Red 3.63-4,03. 
Celebrflflff^-liBfian: 11-lb 4.00. CbdII- 
flemri— Jersey: 24s 8.S0; Franch: ?4s . 
9 20-9 50. Carrot*— US.: v 66 x 1-lb. 
per pound 0 20: Dutch: 22-lb 3. CO. pre- 
packed 339480; Cyprus: 2.60-2.73. 
Cucumber*— Dutch: 12/M 280-3 CO, 

Chl cp r y B efqian: 3- kg 2.00-2 20. -New 
Po tat oes — Canary: 12VI"3 ware/mld* 
AOS,. 25-kg ware/ nude 8 03; Cyprus: - 
12S-*9 bwaa 4.6a to-fcq S.40-6.50: 
EgypoaiR Winter - crop 20-kg 5.40, 

spring- crap 27-lrq 5.60: Jersey: Wars 
w pound 'g. €3-0.70. #n>ds 080. 
Aubergines— Canary: B-tff *-00:' Israeli: 
8-ftg 4J5&. - Dines: 5-kg 5 50-7.03. 
Asparagua — U.S.: Par pound 1.40-1.69. 
Fennel — French: 11-lb 3.80. Celery — 
Spanish: A 59-500. Courgettes— 

Kenyan: 5-lb 4. GO-5 .60: Cypryi: 4.00- 
5.53. Artfchukas— Sgsniah; x 18/34 
3.00-3.93. Melon* — Sonsgal: Cbarentaia 
7/12 1200. 


NEW YORK. Apnl 14. 
PRECIOUS METALS RESPONDED re the 
tensa inteMaiional srtuanon wirh a 
sharp upsurge. Trade and arbitrage 
sailing moved copper prices tower 
against toa general trend. Coffee con- 
tinued to dechn9 orr steady producer 
offering. Cocoa advanced smartly ahead 
of the major grind reports. Svjar 
finished slightly higher on a light EEC 
selling tender. The livestock complex 
closed higher as bullish lundampntsis 
continued to assert them salves, while 
pork bellies war* an exception as large 
profit-taking pushed values sharply 
lower, reported Heinnld. 

ttCoosa— i May 1870 (16151, July 

1673 (1636). Sept 1723, Dec 1774. Match 
1824. May 1864. July 1897. Soles: 3.720. 

Coffea — "C" Contract: May 133.50- 
133 75 (133.98). July 122 25-122.50 

(124.75), Sept 130 00-130.25. Dec 
117.25-117.50. March 115 23. May 113.50- 
114.00 Sales: 3.160. 

Copper— Aprl 69.40 (70.15). May 

68.80-63 90 170.70). June 70 55. July 
71 83-71 95. Sept .73.45-73.50. Dec 75.30- 

76.00. Jan 76 75- Marrh 78.30. May 
73.85. July 81.40. Sept 32.95. Dec 85 25. 
Jan 88.00. Salep: 5,500 

Cotton — No. 2: May 66 10.66.11 
(06 02). July 68 12-68.15 (67.93). Oct 
70 90. Dec 73 10-72 n v March 78 30- 

74.00, May 75.00-75.30. July 76.00-75 50. 
Sal**: 3.100. 

•Sold— April 399.0-3 7n 0 (356 4|. May 
372.Z (359.1). Jims 275 0-376.5. Aug 

384.0- 385. 5, 0<-t 333 8-384.0. Pec 472.0- 
402-5. Feb 411.0. Aire) 4190-423.0. June 

429.8. Aug 439 S. Clct 443 4. Dec 459.3. 

Fob 469 3. Safes' 47.000 - 

Orange Juice— May 116.70 (115 80). 
July 119 40-119.50 (118.30). Sent 131 So. 
Nov 1 23.20- 121.25. Jsn 1.24.80.125 OH. 
March 126 40.126 60. May 127.90-128.10. 
July 123 40-123.80. Sept 130.90-131 3. 
Sales:. 500. 

•Platinum— Ann' 364 0 (349 01. July 
363 0-370.5 (3553). Oct 377.6. Jan 

389.9. April 402.2 Sales: 2:539. 

Potatoes (round whites) — Nov 78 3 

f77.6). Feb 88 4 (86 4). March 90.5, 
April 102 0. Sales: 2Z5. 
ttSihrnr— April 759.5 (743.5). May 

761.0- 765.0 (748 0). June 773.3. July 

760.0- 782 5. Soot 805.0. Dec 829.7. Jan 

839.2. March 857-9. Mav 876.6. July 

895.3. Sept 914 0. Drc 942.1. Jan 931.5 
Handy and Harman bullion spec 759.00 
(753.03).- Sales: 9200. 


Sugar— No 11: May 1050-10 33 
MO 27). July 1056-10.58 (10.53). Sqpt 
10.83. Oct 11.05-1106. Jan 11.20, March 
11.90. May 12.12-12.14. July 12.32- 
12-35. Sales: 6,610. 

Tin— 583 00-586 00 (585.00-587.00). 

CHICAGO. Mereh 1. 
Lanf— Chicago loose 2525 (25.50). 
New York prime steam 26.75 traded 
(27.00). 

Chicago Imm Gold — June 376 2-375 £ 
(362 2). Sept 3S3.0-3S9.2 (374.6). Dec 
401.8, March 415.1, June 428.7. Sept 
442 6. 

Live Cattto— April 71.75-71 60 (71421. 
June 67.95-67.85 (67.47). Auq 63.62- 
63 93, Oct 62 05-5200. Dee 62.50. Feb 
62.65. April 62 80 

Lhre Hogs— Aonl 53 40-53.30 (52.85). 

• ton- 57.25-57.15 (57 25). July 58.20- 
53.05. Auq 57.45-57.30. Dct 55.15-55.10. 
Dec 55.47-55.45. Feb 33 45. June 51 .ST 
74 Maize— May 2S0-2a0> 4 fZaO'c). July 
290'*-»3 f291»a). Seen 293V293L, Dec 
237V297. March 310t*-310L. Mav 3183,. 

Pork Bellies— May 79.40-78.70 (79.85). 
July 78 35-78 60 (73 15), Aug 75.35. 
75.10. Feb 71.20-71.30. March 71.80. 
May 72.30. July 73.10. 

tSoyrabeans— May 651-6821, (652M. 
July B84-C65 (6531. Aim 687-688. Sept 
665',. Nov 673-674, Jan 635. March 693 1 ,. 
July 7214. 

IlSoyabean Meal — May 189.5-189.8 
M69.2). July 102.0-132.5 (192 1). Auq 
193.3. Sept 135 0. Or.t 195.0. Dec 
138.0-187.5. Jan 199.5-200.0. March 
2-75 0-206 0. 

Soyabean Oil — Mw 19.B5 - 19 87 
(19 64). July 20.23-20 25 ( 20 21). Auq 

20 55. Sept 20 80. Oct 20 90. Dae 21.20- 

21 25. Jan 21.40. March 21.70-2180. 
tWImat— Mav 372V37? IS67M. July 

383V384 f.T79i,). Rapt 396, Dec 414- 
414',. March 428. May 434. 

WINNIPEG. April 1*. 
WarJey— May 124.80 (124.00), July 
126 BO (125.90). Oct 127.80, Dec 126.70, 
March 123.50 

SWheat— 5CWRS 13.5 per cent pro- 
tein content cif St. Lawrence 224.84 
(224.39). 

All cents per pound ex-warehouse 
imto's otherwise stated. * S par troy 
ounc*" •: Centg pnr troy ounce. 
it Cents per SS-lb bushel, t Cents 
per 60- Ih bur-hnl '| S par short ton 
n.rrri ib). a SC’n. per metric ion. 
ki S per l.aoc so ft. * Cents pBr 
dosen. 1) S per meme ton. 


EUROPEAN MARKETS 


ROTTERDAM. Aonl 13. 

Soyabeans— (U. '5. S per icons): U.S. 
Two' YnHnw Gul’uori*! affoat 273, Anrrl 
751.' May’ 253=9. June 253 50. July 
2E9 7V Aun 2F7 70. Sept 2£9. Oct 
7^.10. Nov 263.10. Dec 2E8 53. Jan 
273.75. F.eb. 277.60. Mar 231 -to serieri . 

Soyamaal — (U.S. S per renne): 44 per 
cant .prqtem.. urtoadinn Z45'’245 50 - 
■fin al 239/ 233 trad«*H: nITnat ?JS. Peni 
233. 229. A?rj75eni 7XZ. Mev/ 

Sapt 2?9 50 RSlIerc Rr.tzil Pellrt-; 
afloat 231 t-j 243 (depending on 


pnviinnt, Aor.r 2*2 50. May 240, May/ 
Sept 2*0 sellers. 

PARIS. April 15. 

" Cocoa— (FFr per 109 lotos) : May 
1C33/1C83. Juiy 1125/1130. Sapt 1-lffi/ 
1170, Oec 1217/1222. Mar 1252/1253, 
May 1274/1280. Ju»y 12S3/12B9. Safes 

at r?H: mi 

Sugar— (FFr q*r tonne): May 1825. 
.ft.'/ i?25/13Z3. Aug 1R3/1840, Oct 
1??R»iai7. Nnv •.R2S/1RT5. Dw 1B5P/ 
tr-2. Mar 1915/1920. May 1950/1353. 
Sa'es at call: 4. 


INDICES 

FINANCIAL TIMES 

DOW JONES 

Ddw . April ’ April .Month, Year 
Jenss 14 13 ; ago 1 ago 

April 14 April lfMonth ago Year atao 

245.30 344.65 244.20 ' 260.96 

Spot 126,17 126,85 123J2B 408.27 
Futr'8 132.72 131.95 128.19418.Z 

(Ben: Mr 1. Wft-100). - 

(Bifl«: Doe SI 

MOODY’S 

REUTERS 

April l*Apni 13 Month ago Year aqo 

April IS April 14 M'nth agojYearago 

■ 48eft»--0B6.oV 991.0 ■ : 114.1 

1614.B ; 1608.& - 1583.7 J 1682,0 

(Dan— bar IL.»1-Ha) 

(Bm« fcwtir W, Wi-W) 


English Produce: Potetoss— Per 55-<b. 
Whit* ■ 3.80-4 CO. Rad' 3.6C-4.10. King 
Edwards 3:80-4.33. Mushrooms — Ptr 
pound, open 0.50-0.60. closed 0.63- 
0.83. Apples— Par pound, Brantley 
0.20-0.30. Cox's 0 25-0.38. Wared 0.16- 
0.22. Peats — Par pound Confeiencq 
0.18-0.30. Cabbages— P9r ZO-lb bag. 
Cetfie/Jan King -3.-00-4.00. Savoys — 
p«r 33-lb 2 S3-3.QQ. Leffue s P er 12. 
round 083-1.20. Cos 10 j Z50. On to ns 

— P»r 53-ib. 40/SOrniri 1 =0-5 00. 
Carrots — Per 25/28-ih 1 50-2.d!> Beet- 
root*— Par ZS-to. luurrd ■ 1 GO-1. 20. tong 
1.20. Swsdss— Per net 09CM.23. 
Rhubarb — Per oaumf. culdoar -1J.C3. 
Looks— Per 10-3b I^C-1.43. Parsni ps 


Per 26/23Jb 1AO-2.CO. Turnip *— Per 
ZB/23-lb 1.00-1 43. Cucu m be r* — Per 
aeckeBP 2. 03-3. K). Green*— Per 30~’b 
Kent 3.43-4. GO. TomtaoE— Par pound 
D/E 0 45-0.50. Caufiflowei*— Par 16/M 
Kent 4.00-5^30. 

+ 

' GRIMSBY FISH— Supply motto rite, 
demand land. Prices at' Ship's &<de 
luharasssasd) per arena: SheK cod 
F7 OO-ES.Oa. codling £4 20- £5.90; larq* 
haddock £S.ft>-C6 70. medium £4.W- 
£5 BJ. small E2.4D-E3.60: large plaice 
£5 70. medium £3 50-E5.00. beat email 
E3.M-Ci.60: a binned dagfiah. medium, 
£8.50. lemon sole, latte O.DO; medium, 
SB.OOs . saidra £1 30-C^0. i 


rt.* 



36 


Companies and Markets 


LONDON STOCK EXCHANGE 


• Financial Tiriies iFriday- April 16,19855"" 

RECENT ISSUES 

EQUITIES 


Markets falter as tension mounts over Faiklands 
Share index falls 9.6 to 544.8— Gilts S lower 


UllJl 


Account n paling Dates 
Option 

• First Declara- Last Account 
Dealings tions Dealings Day 
Mar 29 Apr 15 Apr 16 Apr 26 
Apr 19 Apr 28 Apr 29 May 10 
Apr 30 May 13 May 14 May 24 

‘"New thiw” (toolings may lake 
place from 930 ejn two buslnass days 
earlier. 

Wednesday’s sligMIy Setter 
trend on London stock markets 
proved to be short-lived as 
sentiment yesterday became 
increasingly unsettled about the 
Faiklands crisis. Equities and 
Gilt-edged securities reacted 
nervocMy in the face of various 
rumours about the situation 
which spread through the 
market during the course of the 
day’s trade. 

Middle East uncertainties and 
talks of the possibility of on 
increase in short-term U.S. 
interest rates, although not 
major factors, also had an 
adverse impart. Against this 
backdrop, conditions remained 
thin and sensitive with leading 
shares giving ground as dealers 
backed away from light selling. 

The tone deteriorated as the 
day progressed and falls ait the 
close extended to double figures, 
but losses were usually out of 
proportion to the amount of 
business transacted. Measuring 
the treed, the FT 30-share index 
dosed 9.6 down at 5 44. S 1 which 
makes a fall of 26.2. or 4$ per 
cent, since the Faiklands crisis 
erupted two weeks ago. 

Leading Electricals lead yes- 
terday’s relreai. while Proper- 
ties were depressed by adverse 


Press mention and interest rate 
worries. Banks remained under 
a cloud on continuing fears 
about Argentine assets. 

The reaction in Gilt-edged 
securities also reflected the pre- 
vailing nervousness with quota- 
tions drifting lower on the 
occasional offering hi the 
absence of any worthwhile sup- 
port Fails at the end of the 
day ranged to § in both short 
and long-dated stocks and rite 
Government Securities index 
closed 0.31 down at 66.99. 

Pearl down again 

Further consideration of the 
disappointing preliminary 

results prompted a fresh decline 
of 14 hi Pearl to 3S4p. Other 

Life issues drifted down with 

Britannic, 264p, and Equity and 
Law, 392p, both 6 lower. Sun 
Alliance. 6 cheaper at 796p, led 
the retreat in Composites, while 
Royals dipped 4 to 330 p as did 
Eagle Star, to 366p. Elsewhere, 
Sedgwick fell 7 to 161p and 
C. E. Heath 5 to 310p. 

Lloyds Bank cheapened 5 
more to e 1982 low of 410p on 
continuing fears that the 
group’s substantial .Argentine 
assets might be frozen induced 
renewed selling. Other major 
cl Parers also became vulnerable, 
with Nat West closing 9 off at 
406p, Midland 6 lower at 306p 
and Barclays 4 down at 438p. 
Still reflecting disappointing 
preliminary figures. Bank of 
Scotland shed 5 further to 400p. 
Discount Houses also trended 1 
lower: Union cheapened 10 to 
415p and Cater Allen 5 to 305p. 



FINANCIAL TIMES STOCK INDICES 



April 

15 

April April 
14 15 

April 

a 

April 

7 

April 

6 

A 

year 

ago 

Govern mart Sees _. 

66.59 

66.00 66.70 

66.76 

67.11 

66.63 

69.23 

Fixed Interest. ... 

67.56 

67.53 67.33 

67.33 

67.47 

67.5y 

71,10 

Industrial Ord. 

544.8 

554.4 551.6 

660,5 

561.3 

553.0 1 

568.5 

Gold Mines 

366.9 

267.3 256.6 

259^ 

272.4 

276.6 

355.8 

Ord. Dhr. YieW 

6.761 

5.641 6.67 

5.ed 

6.60< 

5.67 

5.78 

Earnings, Yld.lgffuili 

11.481 

11-28’ 11.55 

11.18 

U.36j 

11*52 

11.38 

PIE Ratio (net) (-)...- 

10.9V 

1 1-0*1 11.051 

11.19 

11.03. 

11.11 

11.09 

Total bargains 

15,615 14.005/ 15,558 

16,052 

18.111 

Z9.258 1 

21.400 

Equity turnover £m. 

— 

84.03 95.03 

.'94.581 

156.04, 

206.05! 

159.14 

Equity bargains 

— 

9,92 1 10.436- 11.419 

14,714. 28,193 

17,053 


10 am 553 . 4 . 11 am 5593 . Noon 547 . 3 .' 1 am 547 . 0 . 

2 pni 545 . 5 . 3 pm S 44 . 6 . - 

Basis 100 Govt Sees 16 / 10 / 26 . Fixed Int. 1326 . Industrial Ord. 
1 / 7 / 35 . Gdd Mines 12 / 9 / 58 . SE Activity 1974 . 

Latest Index 01-246 8028. 

*Ni|m1&03. 


HIGHS AND LOWS S.E. ACTIVITY 


iConspltofn 


Fixed Int., 


High 

LOW 

High 

Low 

69.55 

61.89 

127.4 

49.18 

125 ( 5 ) 

i&iii 

( 3 ( 1 / 85 ) 1 

( 5 / 1 / 75 ) 

69.74 

62.73 

150/4 

50.63 

l 2 / 4 i 

(Il\l 

! 

I 

13 / 1 / 76 ) 

5793 

518.1 

1 597.3 

1 49.4 | 

( 29 / 1 ) | 

( 5 /lj 

.{ 26 /S/W/ 

303.0 ! 

209.3 

i 550.9 | 

| 43(5 1 

i '( 8 : 1 ) 

( 9 ( 9 ) 

'( 22 / 9 / 90 ) 

!< 26 / 1 Q/ 7 nj 


V V 


| Bargains!..; 
Value i 

tessisai 


153.9 247.7 

' 64.3 67.6 

169,8| 188.0 

176,a| 183.7 

94.2 108,8 

247.9 288.6 


Sellers continued to hold sway 
in leading Breweries, although 
the closing of bear positions left 
most above the worst Whit- 
bread closed a net 2 off at 98p, 
after 97p, while Arthur Guinness 
reverted to unchanged at 79p. 
after 77p. Grand Metropolitan 
lost 5 at 200p foil owing insti- 
tutional selling on revised fears 
of a pending rights issue. 

A lengthy list of trading 
statements provided interest in 
the Building sector. London 
Brick added 1} to S7p in res- 
ponse to the better-than- 
expected annual results; the 
company also announced that it 
bad increased its stake in Brick 
and Pipe Industries of Australia 
to 19.9 per cent for a total con- 
sideration of SAS.lSm. Aberthaw 
Cement also announced preli- 
minary profits above market 
estimates and gained 25 to 345p. 
while Hewden-Stuart stayed at 
Sip despite tine poor annual pro- 
fits. ’ On the other hand, dis- 
appointment with the fall-year 
statement left Taylor Woodrow 
20 down at 505p, while the 
£6.4m rights issue proposal that 
accompanied the preliminary 
results dipped 6 from F. J. C. 
Lilley, -160p-- After the previous 
day’s gain of 10 on the disposal 
of its- aggregates business to 
Consolidated Gold 1 Fields. Blue 
Circle dosed 6 cheaper at 452p, 
after 450p: yesterday, the com- 
pany announced a £7m U.S. 
acquisition. BPB Industries lost 
10 to 402p on scrappy selling, 
whHe Redland, 175p, and RMC, 
216p, shed 4 apiece. 

IQ again lacked support and 
slipped to 3l0p before dosing 
a net 4 off at 312p, * 

Habitat placing 

Business in Stores again left 
much to be desired and the 
leaders finished a shade easier 
for choice. Marks mid Spencer, 
143p, and Burton,- 174p, both 
shed around 4, while Gussies A, 
awaiting the outcome of the 
exploratory talks with Empire 
Stores, gave up 7 more to 47Sp. 
The placing of around 35m 
ordinary shares and 4m 9} per 
cent convertible shares m 
Habitat Hothercare, believed to 
be the personal holding of non- 


executive director Mr Selim 
Zilkha, was easily absorbed by 
the market; the ordinary closed 
only a couple of pence cheaper 
at 134p with the convertible 3 
points off at £103. Secondary 
Issues were again quietly irregu- 
lar. Combined English firmed a 
penny to 36p. after 37p, the 
company’s confident outlook 
eclipsing the reduced annual 
profits. Support was also noted 
for Martin Ford, 1$ better at 
241 p. but Polly Peck - met 
renewed profit-taking and eased 
12 -to 333p- . 

The Electrida leaders typi- 
fied the generally quiet dull 
trend, drifting lower on small 
selling and lack of support Clos- 
ing levels were the lowest of 
the day with GEC 14 lower at 
792p and Plessey, 360p. and 
Thorn 0U, 420 p. both 10 

cheaper. Ratal relinquished 5 
at 373p. Elsewhere. Cable and 
Wireless came on offer and gave 
up 6 to 23Sp. while falls of 7 
and 10 respectively were seen 
in United!, 23Sp. and Lee 
Refrigeration. 210p. Forward 
Technology, on the other band, 
'jumped 13 to 38p. the £0.69m 
annual deficit being much better 
than the market had been 
expecting; sentiment was also 
helped by the Board's forecast 
of a quick return to profitability 
in the first-half of the current 
year. Dowding and Mills 
hardened a couple of pence to 
34p in response to the interim 
results. 

Ahead’ of preliminary results 
scheduled for next Wednesday. 
Hawker succumbed to renewed 
small selling and lost S to 290p. 
Elsewhere in Engineerings, 
Blackwood Hodge, at 20 p, lost 
4 of the previous day's gain of 
7 after comment on the annual 
figures. Haden fell 6 to 197p 
and Matthew Hall 5 to 188p. 

A certain amount of selling 
was evident in the Food sector, 
but losses were usually confined 
to a couple of peace. Cadbury 
Schweppes shed that much, to 
97p. as did Northern Foods, 
156p. Teseo and Brooke Bond 
lost a penny apiece to 60p and 
52p respectively. Among secon- 
dary issues, William Morrison 
shed 6 to 15fip on annual profits 
below best estimates, while 



WORLD VALUE OF THE DOLLAR 

Bank of America NT ft SA, Economics Department, London 


Th* table balaw give* lh* rates ol exchange lor the U.S. dollar against various quotad are Indicative. They art not bawd on. and am sot bunded to ba 
currencies as ol Wednesday. April 14. 1982. THo exchange rates listed used aa • baaia for, particular transactions. 

ere middlo rates batmen baying and selling reus as quoted between Bank of America NT and SA dons not undertake to trade in e if listed 

banks, anises otherwise indicated. All currancias are quotad In foreign foreign currencies, and neither Bank of America NT and SA nor the Financial 

currency units per one U.S. dollar except In certain specified areas. All rates Times assume responsibility for errors. 


CURRENCY 


VALUE OF 
DOLLAR 


Albania-. 

Algeria. 


... Afghani (« 

5O.0B 

5.7208 

... Dinar 

4.1875 

jFr. Frano 

6.2805 

— iSp. Pooeta 

106.82 

... Kwanza 

30.210 

... E. Caribbean 9 

2.7025 

... Peso if/ 12) 

11675 

... Dollar 

0,9557 

.. Schlllins 

16^66 

... Port. EseUde 

72.22 

... Dollar 

1.00 

... Dinar 

0.3769 

— sp. Peseta 

106^3 

... Tafca 

21.68 

... Dollar 

2.01 

• Franc (C) 

45.60 

i Franc t.F) 

60.65 

... Dollar 

3.00 

„ C JJt. Franc 

314.025 

_. Dollar 

1.00 


Bhutan Ind. Rupee 

Bolivia. ..... Peso 

Botswana-, Pula 

Brazil Cruzeiro 

Brunei,..— — . — Dollar 

Bulgaria. Lev 

Burma. Kyat 

Burundi-. — - Frano 

Camsroun Rp UHn , C.F.A. Frano 
Canada Dollar 

Canary is. ....... sp. Peseta 

Cape Varde ls...._ Escudo 

Cayman l*_- Dollar 

Can. Af. Rep — C.F.A. Frana 

Chad C.F.A. Frano 

Chile Peso <01 

China Renminbi Yuan 

Colombia-, — Peso CO) 

Co mo roc — C.FJL Frano 

GonfloP'plB.Rop.of C.FA Frano 

»>, r Coton (0) 

Coeta Rica 

Cuba,.,.„^™_._-. Peso 

Cyprus Pound* 

Czechoslovakia — Koruna (O) 

Danmark ... Krona 

Djibouti Rp. of ..... Franc 

Domini oa E. Caribbean ( 

Pomln. Rep- Paso 

Ecuador ' S ucrB f O* 

uumwi.^- j Sucre iFt 


.. ■ Pound* iQ) 

Egypt-— ~~ — i Pound* il) 

D Salvador ^ Colon 

Eq'ti Guinea, Ekuele 

Ethiopia— _ Birr (0) 

Faeroe la Dan. Krone 

Falkland »■ — ■■ Pound* 

Fiji Dollar 

Finland——^— Markka 
France__- — Frano 


Fr. (Tty In Af. „ 

Fr. *«'«"■ - - 

Fr. Pac. la— 

Sabon 

Sambl* — — 

Germany (C 

Gann any (W) 


Gibraltar^, — . 

Greece...... 

Greenland. 
Grenada, 


„ CJ.A. Frano 

Franc 

_CJ\P. Frano 
_ C.FJL Frane 

Dolari 

oatmarktiO) 
— Mark 


— Pound* 

Drachma 

„ Dan. Krone 
E. Caribbean f 


9.4073 

43.569 

0J9346 

180.243 

2.2425 

0.942 

6.4616 

90.00 

314.025 
1.2245 

10622 

36.61 

0,835 

3 14.026 

314.025 

39.00 
1,8582 

61.67 

314.026 

514.025 

6.60 

39.09 

0,8144 

2.1308 

5.85 

8,1007 

176,50 

2.7035 

1.00 

25.00 
42.18 

1.4493 
1.2151 
2J0 
213.64 
2.0391 
8.1997 
1.7699 
0922 
4.63 
ejaaoa 
314.029 - 
6.2805 
111J5S3 


Guadeloupe .. Frano 

Guam ua s 

Guatemala Quetzal 

Guinea Blsseu Pew 

Guinea Rep, — Syli 

Guyana....- Dollar 

Haiti- Gourde • 

Honduras Rep. — Lempira 

Hong Kong Dollar 

Hungary. Forint 

Iceland— - Krona 

India. Rupee 

Indonesia.. Rupiah 

Iran - Rial (O) 

Iraq — - Dinar 

Irish Rep—— .... Punt* 

Israel- Shekel 

Italy. — ... Lira 

Ivory Coast.. C.FJL Frane 

Jamaica Dollar 

Japan — Yen 

Jordan Dinar 

Kampuchea.—. Wei 

Kenya. — Shilling 

Kiribati AusL DoUar 

Korea (Nth) Won 

Korea (8th)-- — - Won 
Kuwait .. Dinar 

Lao P'pto D. Rep- Kip 
Lebanon—-.- — — Pound 

Lesotho— Loti 

Liberia — Dollar 

Ubya. Mia axsaiMKotali Dinar 

Ueohtanst'n... Sw. Frane 

Luxembourg Lux Frano 

Macao — Pataca 

Madagascar D. ft. • Franc 

Madeira — ... Port. Esoudo 

Malawi — Kwacha 

Malaysia.-.— Ringgit 

WW” iBSgSS 

Mall Rp Franc 

, Malta Pound* 

Martinique Frane 

Mauritania Ouguiya 

Mauritius.,—. Rupee 

Mexico...—. — Paso 

Miquelon Fr. Franc 

Monaco........ — ..... Fr. Franc 

Mongolia. - Tugrik (0) 

Montserrat E. Caribbean 0 

Morocco Dirham 

Mozambique— Metica 



Namibia. SJL Rend 

Nauru Is—— AusL Dollar 

Nepal — . — Rupee 

Netherlands., Guilder 

Neth. Anfisa—— Guilder 
New Zealand. — Dollar 

Nicaragua Cordoba 

Niger Qh—— CjrJ. Frane 

Nigeria— ... Naira (O) 

Norway — Krone 

Cbnan^ultanate of Rial 

Pakistan Rupee 

Panama Balboa 

Papua N.G.— .... Khta 

Paraguay- — Guarani 

Peru Sol 

Philippines Paso - 


VALUE OF 
DOLLAR 


6.2605 

1.00 

1.00 

J 39.5905 

! 22.2115 

i 3.1866 

5.00 

; 2.00 

I 5.825 

! 54.9827 

1 10.204 

1 . 9.4073 

652.50 

79.00 
0.2953 
1.434 

19.87 

; Isaacs 

] 514.025 

1.7834 
246.77 
0.59 

na. 

30.7445 

0.9537 

0.94 

718.30 

0.2876 

10.00 
4.045 
1.0547 
1 JOO 
0.2961 
1.9602 

j 45.60 

6.055 

I 314.026 

72.22 
0.9500 
2^49 
3.93 
. 7.65 

628.05 
2.4521 
I 6.2605 

: 49.30 

I 11.2475 

49.88 

I 6.2805 

I 6.3805 

3.5555 
I 2.7025 

I’ 5.9225 

[ 30.0198 

1.0947 
0.9537 
13.20 
2.6785 
1^0 
13088 
IOjOO 

' 314.025 ■ 
0.6698 
6-1045 
03456 
■11.7478 ■ 
IJOQ 
0.7257 

126.00 
594.485 
8.3725 



Paterson Jenks, at S3p, relin- 
quished 4 of the previous day's 
speculative gain of 7. 

Hotel concern ML F. North 
shed a penny to 33p fallowing 
the poor annual results. 

Neil & Spencer fall 

The Falkland Islands crisis 
continued to restrain interest in 
the miscellaneous industrial 
leaders which drifted lower on 
small selling. Unilever shed 10 
to- 6Q$p and Beecbam ? to 224 p 
and BOC S to l61p. Elsewhere. 
Neil and Spencer dropped 6 to 
I4p on the poor preliminary 
results and proposed £0.5m 
rights issue. Disappointing 
annual figures also brought 
about a fait of 3 to 21p. in 
Rowan and Baden, while U.S. 
property worries clipped 5 from 
European Ferries, ?2p. J . B. 
Holdings at I52p, lost 7 of the 
previous day’s rise of 17 on 
profit-taking in the wake of the 
good annual figures. 

Cape Industries came on offer 
at 13 Op. down 3, while Hanson 
Trust dipped 5 more to 14§p 
and Chubb eased 4 to 113p. 
Having faHen 30 the previous 
day oo talk that a bid may not 
materialise, Cawoods eased 
further to 250p yesterday before 
rallying smartly after-hours to 
close 3 better on balance at 263p. 
Reflecting the strong firofits 
recovery. Cam rex touched 49p 
before closing 2 dearer at 4$p, 
while Pentlow added 5 for a two- 
day jump of 15 to 85p on the 
acquisition of a property com- 
pany. Satisfactory trading news 
helped Morgan Crucible to 
harden a penny to 123p and St 
George's Group rose 4 to lllp on 
revived speculative support. 

Ford dealers T. C. Harrison 
-rose 3 to 83p following the 
increased preliminary profits and 
dividend. Other Distributors 
closed with modest falls. Henlys 
tost cbte turn to 105p, while 
Harold Perry eased 2 to 99p. 

Pearson Longman attracted 
renewed speculative support and 
rose 3 to 323p awaiting news of 
the talks with parent S. Pearson.' 
In contrast Associated News- 
papers reacted 7 more to 208p 
lost the turn to 105p. while 
on profit-taking. Elsewhere, 
Richard Clay, the subject of an 
unsuccessful dawn . raid by 
British Printing and Communica- 
tion late last month, came in for 
revived support and rose 4 to 
SOp. 

Sentiment in Properties was 
not helped by Press comment 
about competition from index- 
linked Government stocks and 
the possibility of further rights 
issues in the sector. MEPC 
finished a net 5" down aft 202p. 
after 200p- and Land Securities 
’4 cheaper at 272p. after 270p- 
Great Portland Estates shed 8 
to 162p and Halsemere Estates 
6 to 356p, while Peachey. 137,' 
Slough Estates. I28p. and Capital 
and Counties, 124p, til gave up 4. 

Oils drift lower 

Oils drifted lower on lack of 
support and occasional selling. 
Shell losing 8 to 3$2p and British 
Petroleum 6 to 284p. Burmah, at 
135p, gave up 2 of the previous 
day's gain of 6 that stemmed 
from the good . preliminary 
results. While Lasmo fell 17 to 
323p following reports that the 


NEW HIGHS AND 
LOWS FOR 1982 

The following qootatlou I" the Share 
reformation Service veatrraay attained now 
Hiatts and Lows for 1982. 

NEW HIGHS (23) 

AMERICANS an 

E& roosh ?SM 5 J 

IBM . 9MNKS Hi 

HoocremaAShangretr^ 

RUber ° W CHEMICALS <11 

^^^SScALS ill 

Sneering m 

U — W rt INDUSTRIALS (A) 

Bnmtons (M'Darsh.) Emn*rt Coro. 

Camrax Pcnupw 

LEISURE til . 

”"*** . PAPER CZ) 


Clav CRkhardl 
OaHvy & Mattn y 

TEXTILES (41 . 

Bella (J.> .. IIHnvworth Men 

ouearePred. m|nb m 
York Resources 

■NEW LOWS (122) 

AMERICA (03 (11 
^ BANKS CS) 
BUILDING C11 _ 

DRAPERY AND STORES (6) 
ELECTRICALS (51 
ENGINEERING (SI. 
FOODS (T5 

HOTEL S. <» 

INDUSTRIALS (261 
INSURANCE (4) 
LEISURE (S> 

MOTORS (31 
PAPER R> 

• property reei 
SHOES /I) 

TEXTILES (21 
TRUSTS (161 
OIL AND GA5 (4} ... 
OVERSEAS TRADERS €11 
RUBBERS (73 

TEAS (11 
MINES (Z1 


RISES AND FALLS 
YESTERDAY 


Brftrsft Funds 7 

Corpus. Dorn, and 
Portrgn Bonds ... 2 

industrials 103 

Financial end Props. Z7 

OB* IS 

Plantations 5 

Mines 43 

Others 48 


Totals 


company .te .-tiead of a list of 
potential --buyers--.. -of: • British 
Petroleum’s 15 per cent stake m 
tiie Beatrice Field. Profit-taking 
clipped 7 from Carless Capel, 
163p, and 4 from Cendecca, 178p. 
NCC Energy dipped to SSp 
before new-time buying left the 
close 7 down on balance at 63p. 
while Clyde Petroleum dosed 4 
cheaper at 98p fallowing 
airaati results. . . Elsewhere, 
Atlantic Resources gained 1& to 
150p in response to a drilling 
report; but Globa) Natural Re- 
sources met further profit-taking 
and shed 15 for a three-day drop 
of 145 to 60Op; the shares gained 
210 last week. 

Shippings lacked support and 
dosed with losses across the 
board-. Lyle were particularly 

dull on further consideration of 
the annual results and fell -20 
for a two-day fall of 25 at 240p. 
Ocean Transport shed 3 to llfip, . 
while Lofs gave up a couple of 
pence to 4fip. ' 

Among Far-Eastern issues. 
Straits Trading were marked 13 
higher at 258p before dealing 
were ajspeuded at that level 
foil owing similar action to Singa- 
pore pending as announcement i 
from the company. 

Quiet Mines - 

. A quiet and routine day’s 
trading in South African mining 
issues reflected fhe minor finctu- . 
aliens m the bullion price which 
moved narrowly prior to dosing 
$1.75 easier at $363.25 an ounce. 

The sbare market epened 
marginally firmer following the . 
strength of the metal price in 
over (right transatlantic markets, 
bat eased on modest profit-taking 
and lack of buying interest. 

Thereafter. prices held i 
reasonably steady and closed ; 
showing snail losses. The Gold 
Mines index eased 0.3 to 266.9. 

Among toe heavyweights. Free j 
State Gedold eased ) to £13i j 
following new* that two of the 1 
mine's shafts will remain closed 
pending an investigation into- the j 
damage caused by last Tuesday's 1 
earth tremor. Price movements . 
in other heavyweights were 
minimal. 

London-registered Financials 
drifted lower reflecting the 
weakness in UK equities. Charter 
Consolidated gave up 5 to 205p j 
and Gold Fileds 2 to 39L j 

Rio Tinto-Zinc eased 3 to 419p 
following the 1981 results which 
were in tine with the official 
forecast 1 

Leading Australian stocks I 
made modest progress owing to 
a good performance in overnight 
Sydney and Melbourne markets. ; 

The speculative end of the i 
market provide® features in 
Metramar Minerals, 5 op at a 
1932 high of 2lp, and York 
Resources, 4 firmer at a year’s 
high of 30p; both companies are 
participants in a well due to 
commence drilling latter this 
month in the V1C/P12 Bass Strait 
permit off tbe coast of Victoria. 

Activity in Traded Options 
continued to improve and L154 
deads were arranged — 815 calls 
and 339 puts. Once again, call 
business was dominated by 
Imperial, which recorded ’337 
trades with 127 struck in the 
August 80s. Among puts, ICI 
and GEG attracted 94 and 92 
deals respectively. 


If.PJM/3 

|FJ»J 15|4 

:f.p. - 
!F.P.;' - • 
•F.P.' e- 
|F. p JW/S 
iF.P. ! 5/3 

715 

F.P.-16/4 

;f:p. - 
■If.p.i — 

(F.p.l 3/5 


Hl0*l r LOW 

1X48 >140: 
'318 <186 
i 88 ' 10- 
|158 '188 ■! 

1 26 i-ax : 
; 59 . 87 • ' 
850 860 . ; 

93 I 89 : 
.075 3S7 ■ 
:154 123 . 
■170 !137 ! 
,50 - so ; 
I 42 59 I 

.141 ,;156 ' 
90 ’ 70 ■ 


*"a;+ 

".‘P ’ 


-rja 


AIM Group lOp—^Ija j 
iqembrt»B a Oan.^iP 1 9® f — 

fDaw iGaongo 1 "'/— -rsf ■ I- 

Reet Holdlnfla^Up—' 23 i.--. 
'GreontrlarWarrtftta. 39, , — ■ 
'5<Jo Tedtincriosy -v ... 252 • — 
8ua. Syi,10p 89 ■: .... 

: *Jab«na Drtl|lntf..i.,3f 7 t‘~- 

»La)aure liKto. }25 t — 

:44lDeonlcs lOpM'... ,.!160 ; r -— 

'Osprey Aaaeta .J 30 l -- 

Ip, «. lndu*trlmta....-4 .;>v 

■Zamoui^eoniCprHIK: 90 : 


[ jbB.5 


1. 05.7 i4.D:&aa.« 

j Z ! ^ ilS' 

^r.>i7.S : «T3h ma*. 

: ptn.fA.VUTt.l 

F1.4 1 - 

:03,B-; 1A12A-6.I 

-1 b2.8 • 1 JP-34M(La 


FIXED INTEREST STOCKS 


mm im * . ;pp 

j nigh i low; . . .. ^ ... i , r J. 

' ! £2A| 30f7l 353«i 25S4r8arcma 1615 Ln. ■■■ m jena : m 

ftp. 14/4-118 iuo 

is ! as 1 si 1 ’ = 

5 f£j i (18B !i 56 : ! F!CTtll.t J****® ^ V 

Sr 22 iSilOS i 97 iHtmttngPat. WXCnj-Ln. l«ri . |7 ,-a 

If I 
rsi s 


2914 Som lipmiQuaena mow 

“RIGHTS” OFFERS. 


i Stopm. lStpm'AnalMohar IH.1 5p....-+- 

| 21 pm 1 14 pmjBeazeriC. H.l lOp - — 

i 6 iEpmr Slspm Bono Corp.— — ■ 

108 73 -ZCtyda Petroleum ... — . 

42 [ 58 i*JEnergy Finance lop.... 

[ 60 50 iFire* Castle lOp — 

lBpmi t 4 pnr.Fi»Iier tA^i ■■■■■:■ 

188 - : 164 jHuntlng Pet. Servloea-^.- 

! 30 pm' lBpni:M.I.NL. 

4 pm! 4 pm; North Kafguri... 

lipm. topm'Platlgnum ap.......»...— , 

| lipmi lpm'Guoene Moat. — 

! ion ! BO !RUey Leisure. 

i 110 •> 9 S ;St. George's Grp. 10 p.„.. 

J 67 ; 154 (Seburlte Centr» 

16 '■ 14 iShaw.ft Marvin lOp. a.-... 

i i 2 V 10 >SiSturiA lOp •— t 


X° I|i Us=J ’ “ 

» f&i • ■ ! H‘9h 1 low | ; 

in - M :i • — '"zicpm. ls^pm-Anohaoher iH.15p....— _ • 2pml4-U 

125 Ml! 21/4 28i5i 21 pS 14pmiBaaaeriaH.H0 p — .--.j- 

I s ; s 

its "ijaaa aai» iy m i art . 

s|r r i ‘SBSBate^r^^ .SSL 

6- Nil 19/4 21(5' lipm. topmiPtatlgnum Iprtv 

27 Mil • - - ■ lipmi lpm'QuoensMoat. * l »g<ii[+>« 

7d I FP 8(4 6fli 110 •’ 93 ;St. George s Grp. 10p. H ....-.- 110 i+S 

l3 ! F.pJal s as* 26V 154 Security CentT»^.-..:—i 1« 1-9 

U F P W- «7(4 16 ! 14 iShaw.6 ;MarVln lOp.-. — 

10 | Flp. ! a<W3- 23*1 laic lQig.Sturla lOp 1DI «l — ■ 

. RanOedetloR dm wuelty ls«djy tord«lb^ 
beoed on proopectue eMjtoore. d DWMeBd. rate paid J tXJf 

cepiteh coin baaed oe dh/Wood on fu* 
t indrested dhrtdand: cover relMu to pravtom dividend. 
annual earnings, u Forecast dividend: cover baaed on 

ranverslon ofS not now ranking tor dtoMan id gp ^iSSedS 

dividends. S Placing price. P Ponce unhws ottwwtoibidlcetad^Ttowd 
tender, fl Offered to holctore of ordlnaiy share, as a riflbta- 
catrittOaettoA. SS BoU ti ro doced . Vllaeuad ie cowneetton- — Q M WM. 
miSSwMJceivai. gB Introdu^ . » tWjMRJMelerewl^ara. 

■ Allotment tettsra for fuRy-p^d). • FMBvhiiMUl or f^rdy-Dlbd rno tmmt 1st tore. ■ 
SvtfHh. warrants, tt DMHngs under a pedal Ryle. jfr. Unttoia d SeanMas 
Market, tt Lbndoa Ustbiq. * Effective Issue p«to rttar W» ffhrmoriy 
dealt hi «ndw IMe 163(2>(a}- iff eompNaina flee. **M8 to*. Area 

Cap eharea. ‘ ~ 

ACTIVE STOCKS " ■ 

Above average activity was noted m ths tollowing atocka yesterday 
_ Closing .... Cloairig 

pnea Day's 

Stock pence change Stock '=v. ■ 

Sbto*& Wnrisaa "- MS - 6 Londbn*Brtck . W -’ + 1 1 * 

Glaxo 550 - 2 Lyla Shipping- ......... jW -» 

Global Nat Res 690 -15 Pearl Assurance -U 

Grand Mat 2C0 - S Pearson tongmafi 325 +_* 


Stock pane* chan) 

Bascham 224 - 7 

Cable & Wireless ... 238 -6 

Glaxo 550 - 2 

Global Nat Rso 690 -15 

Grepd Met 2C0 . - S 

J. B. .Holdings 162 —10 


Stock - -a,. - 
. Lend Sec 
London Brick 
Lyle- Shipping- .......... 

Pearl Assurance - — .. 
Pearson ' Longman .- 
Taylor Woodrow 


yesterday 
Closing 
price - Day's 
pence change 
. 272.- - 4 

87 

240 -20 . 

.384' -14 

- 323 + * 

*606 -JO 


WEDNESDAY’S ACTIVE STOCKS 

Based on bargains recorded in S.E. Officiol 'List 


. Wednesday's ' 

- No. ol closing : 
price price Day's 
Stock changas pence change 

Cawoods ...... 34 2B0 —30 

Burmah Oil 12 137 +6 

Blackwd Hodge 11 ■ 24 +7 

GEC 9 «* +5 

RTZ • '9 422 . +10 

Unilever 9 - 616 - + 2 

BICC .. . . 8.- 317. +.2 


- . Wednesday's '• 
No. ot closing 
• price pries Day’s 

Stock ' changes pence change 
Blue Circle 7.:i." 8 ■ 458. • +10 

Cns Gold Rda 8 353 • .+ 6 

Glaxo . : 8 5S2 +« 

Hambro Ufa 8 ' 296 ..H - 1 

ICI ‘ * 316 • — 

LASMO . ...... 8 340 — 

Midland .. • -8 312 - '+ 4 


Tint Last ' Last For 

Heal- Deal- Declara- Settie- 

ings tags tion. ment 

April 5 April 26 Idly 15 July.28 
April 26 Slay 7 July29 Aug . 9 
May 10 May 21 Aug 12 Aug 23 
For rate indications Kee end of 
Share Information Service 
Stocks favoured for the caH 
included Claremont Petroleum, 
Trident TV A, Sound Diffusion, 
Premier Oil, 5 British Car Aue- 


options 

For tion, Smlfir Brothers, Marshtiti 
Settle- Universal, ICL, First National 
ment Finance, Celtic Haven, Chloride, 
July-26 North- Kalgurli, Tltanry, 
Aug 9 Howard Tenens, KCA Inter- 
Aug 33 national, Inter-City, Charierfaall 
end of - and Amber Day. Pitts were 
vice V taken out id Lesney and Turner 
lie caH and NewaU, while doubles were 
■oleum, arranged in ICI, Tilbury, First 
[fusion, : National Finance, Aerow A. and 
r Aue- CharterhalL 


FT-ACTU ARIES SHARE INDICES 

These Indices ire the joint conpitatian of the Financial Times, the institute of Actuaries" 
and the FPodtj of Actuaries 


Feds Seme 

83 8 

18 $5 

443 797 

212 270 

33 30 

3 16 

33 84 

47 ‘ SB 

878 1.339 


EQUITY GROUPS 
& SUB-SECTIONS 

Figures i» parsntbaes show am bar of brio 
stocks per section ■ 


CAPITAL BOOBS (208) 

8ufMing Materials (23) 

Co n teacflwg, Construction (28). 

BectricabOD 

.Engmeering Contractors (9L». 
Medaskal Engineering (67)._ 
Metals and Metal Forming (11) 

Motors (21) 

Otber Industrial Materials (18) 




Brewers and Distillers (21) — 

. Food Manufacturing (22) 

Food Retailing (14) 

Health and Household Predicts (8)., 

Lahore & 4) — : 

Newspapers, Publishing (12) i 

Packaging and Paper (14) 

Stores (45) ... 

Textiles (23) 

Tobaccos (3) 

Other Consumer (15) 

OTHER GROUPS (78) 

Chemicals (16) — ■■■, — - 

Office Eguproeut (4) 

Stepping and Transport Q3) 

Miscellaneous (45) 


FINANCIAL GROUP (117) 

B*nks(6) — 

Discount Houses (9)-. 

Insurance (Life) (9) 

insurance (Composite) (10) — ;~ 

Insurance Brokers (7) — 

Merehant Banks (12) — 

Property (49) 

Other Financial 


Investment Trusts (112) 

Mkwg Finance (4) 

<X»rseas Traders (17) 




Thup April 15 1982 



n i Mot available, fn) Msdrat rate. * ti-S. dollars par National Currency unit. (©) Official rate. <c) Com marciai -rate, (f) Fine 
«1 Eovot— Floating raw fixed daily by CBntref Bank at Egypt tor Importer*. Exporters. Tourists. (21 Argentina — Commercial end Financial rate 
.(*) WP g om aH: Parallel exchange raws Introduced July 1— (or caaantial imports. (4) Somali: Exports and Non-Easantial Imports and 


(1) Financial reta. 

:ial rata .combined 30/12/8). 
ts and Tranefara. 


Six months 
rise at Land 
Investors 

A RISE In pretax profits was 
Shown by Land Investors for the 
six months to September 28 
1981. The surplus moved ahead 
from £1-2 4m to £l-5m. • 

The interim dividend of this 
property Investor has been held 
at 0 . 2 p— in the last full year a 
total of Ip net was paid from 
pre-tax profits of £2.47m. ' 


AVERAGE 6 K 055 nar . vm f: 

FIXED INTEREST . • -redemption Yians '. ^ - ^ 

-PRICE Thu* Wtd xl Hi. * ait. . ■»«* «*«re«Wt . . , _ - 

INDICES April denge April InRy 1*2 i l J*. " 5 -Wv *** - 5 & 

IS * 14 tote 2 ONpDB.-- ... B jew — 131 B && 

: •- ■ "• 5 - . 2 S-.^ars BJ 4 BJ 6 3 MI 

Iffllifc rmri—el - . 4 Mete. .. 5 Tears J. ft 5 «. , NAT -H 15 

i HUM -Att 1MW ere * tea 5 taopo* . IS job. 1: M 30. MJfl ■ HH. 

1 Spas 1 MJ 9 M. ms #.* 3 . 9 ! & ; a jjjg- u* ; 

2 S-lSycen M 7 A* -M 8 M 8 J 8 ■ CM 7 Wgb . S MJf MSS BJJ 

3 Ore 15 * 3 * MU? -tO IMA MS 4 .B | ' E ywi ., -1 

« Inedewabte T35JI -Ml 1 M 32 - - U* u 5 S ' 'jwfi: U* 1 * 

5 Afl-Stodo — . — _ 5815 * -ISO 1 W -52 DM AS g,. Orts iLaaB. 3 . 1 S 28 : ~ Tp 9 .' ~ : 'VL€? 

t ku jjmT ~kk _- x<i ■ 32 . " -15 ffM;.; <•...». . ISM .. .'ISM. -. ..'Jt®..- 

__ ^ M 13 ■ ,-Swk:,-J 15.62 -KM- 1 M 7 

7 Prafirierr CM BjM - I4f Prefer— ^ '^^,1 , EC BuP j ; 

+ Plat yield. Highs and lows rWOrtl, tte dates, mlmand constituent dangrt tre published In Saturday tiaies. A new Ijrt af caaattdwdjb 
availably from the Puhlbhert, The FliantSal Tunes, Bracken House, Cannon Street, London, EC 4 P 4 BY,- prit* ISp, (?r. p«t - 28 p- 


PRICE 

INDICES 

Tlar 

April 

35 

DV* 

change 

9 t 

Wed 

Aoril 

14 

x) wjj. 
*k, 

tote 

■nfcfc Beoeraaret 

10860 

-476 

13977 

■ 0.91 

3.91 

5 -ISycan 

3*748 

-048 

108.33 


440 

(bar 15 jeers 

30977 

-445 

330.91 

MS 

AS- 

1 1 L-l-.— 

*incuetujrin>n....a^. 

23577 

-4 Ml 

33432 

— •- 

342 

AfltiodB 

38854 

- 4 J 0 

3 M 52 

US 

AS 

Mnheilau 

Prtfirteee . 

Bit 

6344 

+ 4 A 4 

+ 4 B 

1545 

6344 

7 ^ 

331 

232 











































I 







Finmiciftl Times Friday April 16 J.9S2 


37 







INSURANCES 

Abbey Life Asnoue* Co. Ud, 

]-3SL,f>ai) > sCtaBtiMtttlCC4. . CH-SaHOVn Offi 


— i 

EcSWT ruyJ -. . — ..—I 
WiWAtt.i.,,-. 
EtMWAK._J_.-_™ 
sSctheFondiJ.™-^ 
MMttrFto* 


FmxJlm.Ftj.5rr. 4. 

AnvTtorfSer.-J - 

Htrfilne. Set-. 4, „ 

PrmkmPwpww : 

PnraWBWl»_u~. 

Pe*V»n Srtrcln* i~.* 

tasion Manapett-^PgAft 
Pnfctao Sccraty-i-i— 

Pmswn FiMdtm^TBlM ' 

Albany Life Assmnce Ca Ltd. 






UOWBwttngtw&tWJ, 

flnTa/cT', J 

GM. MOW* Fit. Ac. — 
lift Man. Fd. Aon. _ 

I Ml. FwL lie. Fd 

BtSte_ 

EuoHy P*n-FdAcc_- 
Fu»a I.PnuAcc..4_J 
G"fcl MQn. PenJl££__. 

Intt.MuPnFdAcc 

taiAc* 

IikPmAsc 


01-4375962 


3 %' 



Crown Lift— Continued 

Brawiyas 

■*'*«=:« 

-aged — _ lOftfi 
Crown. BriL bin. A_ 717,0 

PWB-MWWLFa. MU 

Pro. Mnq'cL Arc.™. USA 
- Pens. Mnrou mu — iflzs 
P<ro, &wrtyAct. __ wT 
Pro. Equity Inrt. JU 
ta^ r«l InL Acc_ 1053 
. tas.Fxd.IntlnU,.., M&5 

Pens. Money Are 10M 

PW Mope* ton. UD.4 


Cm»der Insurance PLC 

Tower Hse, 36 Trinhy Sq. EC3N4DJ . <886323 

~ fffift aSJS-j = 


Eagle Star InsarJDMbiid Assur.. 
2,TVeadrm»eSL,EC2. 01-388 1ZC 

EasWMW. Urta P2J JM -L(t 631 

Egntty A Lnr Lift Acs. Sac. LbL. .. 
AnwrOHmRoM, tggbWyctxnfae. .040433377 

yKE»jteR«j_-r 

Higher Ia n Fund.™— 

Property Ftwt___i... 

Fixed inters Ford ! 
index UMM Sea Fnd„ 

~ Gtat Deposit Fund ™_1 

— Nth. America Fund 

— ’ Far East Fond_.__Z| 

— Inenotional Ford — A 

— Mixed Fund 


INSURANCE & OVERSEAS MANAGED FUNDS 


Legit & General Prop. F4 Man; .Ltd. - Pboenbt- -Assurance Co. Ltd. 

1L OueenVtanriaSL. CC4M4TP. • 012489678 4-5 King WrtUBai Sl, EC4P4HR. 




... San Alliance Insurance GrtHip, .Barclays Unicorn Intematioail 

01-6269876 'Suit Alliance Hook, Horsham, OW3WL41 1, Cta ring Crow. 51. HelwT. Jersey, 053473741 


E4tnty Fund.,,.. .U2K.4 

Fixed lnler«t Fund VH423 ■ ■ ■ 


za-sN - 


Etfr. PluEa-E. — — IU2.4 111. _ 

. , . _ Propen* Fund J2(4J 

Pioneer Mutual Insurance Co. Lid. intamaiiaui f<i 12li .. 

Life Assur. Co. of ramnfvama it. Crosby Bd, N. Waterloo. L'ooas (ki.q?rmac Deposit Fund m.7 - 138.7; .... 

fl.New Rd^ClMtaa.Km. ^ Medl«yB2Z34a _ BBSu^ttdSBl ®"| J*? 

Pbmed Savings Croup b**M. Pew(6n 

fig, Bra Street, Horsham 


— Unjgih Trust.., 

— --UmootUr Trust 




LAMP Units. 


.nua im 4 - 


Lloyds Lift Assurance 
20, CWan St, EC2A 4HX 01-920 0202 

. Mufti Gwth. March 



San. Aortt 15_i 

Dep, April IS— 

Op. 8 lm' April 13.. 

Op-BInc* 

Op. inM 

KSiF.I..,. __ 

9 Ab ta Rf April 
Ptm.Pr.AprH 15— _ 



AMEV Lift Assurance Ltd. 

2-fc, Prime rf-Wain WSL. Bmouth 

Managed Fd [1929 203 

Mm** Fit 1418 149, 

Enuny Fd.: 1505 

Fixed M. Fd. 9U 

Piweny Fd.- 1462 

MXnugrxl Pen.. Fd 170.0 ' 

MgbVlcMOpm. Fd.: 119.7 

Money Pension Rl 110.7 

Property Pmnion Fit Ml. 

~ ' ‘ JlZLO 


Equity & Lmr . (Managed Funds) Ltd. 
0202762322 Aroe«-JsBnPoM. HttfiWyowte. D404 33377 



InU. Growth RL. 
CBnKUNmd , 



Inct Pen Equity .._-_|179.9 
. Ind-Pen. Prooerty __ij39.1 
Ind. Pro. Fixed m. — 

KS* l 8? ,U[ - Ses - 

Ind. Pen. Overseas 

Ind Pen. Cxh. 

im. Pvt. Balanced 

. Ind Rst Dep- Mtttc .P3U 
Pncesa Ui LL Next 
Gmp Peraton Fixxfc— Prfaes 




m- 


^7 






ESte: 


Barclays Lift Assur. Co. ' LbL. 

SSHhuntard Rd, E7J • 0L5345M4 

B^tteyttxafc. GMl? . X77AI>0.« — 

8933 

"M4 5 -.J 

H $47 - M'i 

.Win ml 3 ™_., 
tta'3 


intematwoel. 
Managed., — 
" «- 


PropejW- 


Uu. PetsAccun. — _ 
Dn-lnhud I?. 


G.T. kbagnent Ltd. 

G.7. PG«i Bond Fund. tta.7 103. 

saiaaw« 

GT Pin N Am Fund 

GT Pin UK&G.E. FndiMjt . 

SRSSSffi ? 5 SSf ' ' JSS 33 

ssaeafSas 

GT Pen N . Am. Fd_Z|ini_2 

UTProUKd tE. 

GTPentMMOxnWFd- 


Assicuminni C£NERALI &pA 

117: FendxxchSt™ EC3M 5DY. . 01-4880733 

Ml. tibnaoad Bond...|13S5 142.71 4 — 


. GUt Dec. 



la Managed 

5Uil 
Pn»opl 

Do. C Britannia — 

Family Brit 1 1 [532 

Ftemhan Lift Assuraise Co. Ltd. 

Ea st Chester Use, Uaywarth Heattgj444 58721 

AwricH Tech. Fl-fUCD IQ&Of | 

Beading Sec. Fd psi 

BAnced — ^ hmo 

Data Mango. Fd, _™.»b 0 

sr==:fe 



MIXOi ' 1 

■ - Flic. In, — ■ 

- Property- 

littmtaunai 

- Bfpo'/rt 

- Manned 



_ 


lOJti — 


Ersop Pentka Fmuh 

safTx 


“ SAFM Fd In Apr 14 .K2DQ30 210201 I — 

“ Property M.„.. 152.0) 2J7JW J - 


Sun- Life of Canada (UK) Ltd. 


— Natural 1 


I 1 sHenTtenl l4;j 

Q-a-wth AprlilO 
■lac. £ Gmdti April 14J 

a (WfcniL 

MxiLGnM^AjxU 14 -4 


l na r wu nrtEgiitw~.i93.Q 

Prep. Equity- & Uft Ass. Co. 

— .<2 HffijnMxb. London EC3A7AY 

— . It Silk Prop. Bead -_| 242A 

Property Growth Assur. Co. Ltd. 


2. 3. 4. Cocfapur SL, SW1V58H 
Maple Leaf Pb» 

Ciowtti Fund .... 

MaragedAa. 

Eoulty Account—. 

Managed Fund Acc_ 

Equity Fpnd Act-..-. 

Property Fiau Acc. — 

Fixed l m. Fd. Acc. 

Inti. Fd. Act 


Do. Grfr. Pacific.- 
Da. Inti. Income— __ 

BsJdrofManTs--. 

Do. Mhu Mutual 

Bbhopsoste Counnodtty Ser. Ltd. 

P.ft 30*42, OoutfLn, lj.lt . 0624^911 

SMHSiMfcnBi Hd a 

C AN RHO«Mjrofi J :r^ 

MAPSA* JBR. 4 [1x7. DU i m i . — 

Ongtisd dipt *$U and "£L Next ioL II 

Bridge Management Ltd. 

GPO Box 590, Hong Kong 


: ftaaratai GENERALI SfA. 

P.a Box 132. St. Peter Port Guernsey, C.I. 

SStCSSCBBaa.rJ =, 

Granvfllo Management Limited 

P.O. Box 73. $t.He«e, Jersey- 0534 73833 

* GrwMPe In*. Itt. |t63t> 6731 1 4.S3 

Hein dNhag my Aprs 15. 

•G uin ness Mahon Fd. .Mgrs. (Gaemsey) 
PO Bat ISA SL Peter Port Guernsey. 0481 23506. 

IttU. Fund 1519.77 20.«4OJfll UJ.0B 

Prices a Auril L Next dealing Apnl 15. 

Hambro Pacific Fund Mgmt Ltd. 
mo, Gonrauglt Cerore. Hong Mm 

East April 14 hHSSJh 22J71 ...J — 

Japan Fd. Apnt 13 _JuSS8J6 927] ...3 - 


Quest Fund Man. (Jersey) Ud - 
PJ. Box 194, SL HeHer.Jerwy. 0S3W7443. 
Qunt SUg. Fxd. Int _JE£tW7 0.7 

OmbJihLSrs. hfijai?; 0.9 

Quest lidl.Bai tUSSOra 08— — , 

PrftS 04 Jtpnt 14. MW dealing Aprd ZL | 

Qoifter/HeinoM Commodities, 5 

31-45, GmmmStreet. EC2W7LH. 01-6004177 j 
Besc. Fd. int. Arolll.)Sm047 ■15D0i ... -J — ! 

Meu Haling date May A • Murom , H 

BBC investment Managers United 
PO Bmi 846k SL Peter Port, Guernsey. 04K-230ZL 
I f*l. Income Fd. ,_]USS115 9. * 


Inti. Capital FS [1 

.NtathSnerka FG _ I 


.J 


“~B»eifcU 8 MU=isi 


Hambros Fd. Mgrs. (C.L) LbL 

P.a Box 86, 

JtaPtalBeserve Fd.;’ 

Spkia) SfcTFi£dZlR?3' B3 
Surtax) Incomr Fend'. lluU 

Tran.NM.Tnai B0.9 12 O ' 

Intro BoM ®7.M 1L_ 

Int Ecxxty S»J2 1*.' 

lift. Sags. W JUS 


Money Fund Acc. ! 

inHi-ld. SecsFSAcc 
Pemlen Plans 

Penenai Pbt. Fd. 

01-621 1124 PeiD.Mn9tLAcc._J 
1 —4 - 



-IS - 


a::- 


Raminco Mana g tis Ltd. 
P 0. Bn. 15«9, HmKn, Bermuda. 
0401-26521 NMMlWOAo*®— BM9 
0.23 

3.03 RKhmond Life Ass. LM. 
^ 4 tt« Street. Douglas, IAH 

The- SI rier Trust Qj»7-9 

Do. Diamond Bd. 755 

S£*ah° 2 g* a fc& w 

UK Gift Fund .7. 11220 


(809-29)2-7979 

9J« — J - - 


1366 

133 

1032 

1.77 


Britannia IrrtL l urestmm t MngnL Ltd. 

B-SJEIT' "&&&!> 

IIS. Mhr Denanio^cd FWx. 

Am, . £mner Cos. Fd. . 
dFunf 


- GaldFunf* 


— UidwnalGnrtfiFuid- 

— Dollar Income Fd 1 



156.t1Td3 - 


Sun Lift Unit Assonance Ltd. 


LmHaok-CroptonCROlLU. 01-680 0606 107,_Ci»apsldr, Lmtoa EC2V 6DU. 0272-299 524 


'flS&tSnz 

Imirs^tPFuxJ 
inrostnem Fund (A] 
Erprtty Fixid 


3 : UStiSSSLz: 


Ihl Technakny Pd : 

fW(.Amw &fen.FdL. 

Energy Iul Fd 1 

PKOit Basin Food 


iBue 

MU IcS J>; 


Black Horse Life Ass. Co. Ud. 

71. Lontjard St- EC3. 

Elnc* Koroe Man. FdL 

MaugedftMrFdL : 

Property FcL,,- 
r nxl IntemLFd. 

C.KH Fo 

- Income Fd..-., — 1208- UO.K 

Exon tncomi* Fd, 1234)9 

Wortdwdr Groroh Fd. 10.13 

BaianoviFd—.: 

Smtr Cxrit « RKu.Fd 


IW35- 



General PortfoBQ Life bis. C. Ltd. . 

01-62312B8 CrtKsbroofc SL. ChednsP. Herts. -.Waltham X 31971 


'Portfolio Fd. 

Portfolio RL ML ; 

Portfolio Fd Can 

MlAcc..- 


— Portfolio Mon. I 


— Portions Mao. Mt IS.4 


P83 



,J13d._ 

bs rgftSSW 

GlitAcrfllVs ~|?6.4 


London A’deen & Nthn. MIL Assur.' Ltd. 
1 129 KEngswiy. London, WC2B 6NF. 01-4040393 
■Asset BuMer'— P3.0 555T -<Ui - 

London bnJenmtty & GnL Ins. Co. Ltd 
IM! The Fortury, Rtatfing 5B3SLL 


.= . 

Retire — 

htmetLAnuT*.. 

_ International Fd. 

Z AlTwyier^Ad'UBj 

lrw.Fd.lto 


219.7 




Tnli 

1014 

MU 

294J. 

-a? 

m 

-3.9 

3B8J 



— 5t 

1453 

-06 

3U.9 


9 kf 




_ Managed Cap., __ 

Managed Acc. 

— Property Cap. 

_ Propeny Acc— — _J 

_ EuuByCro- — — — J 

z fiBM£afai:_ 

Fired IrUtTPit Acc__ 

_ CashCap. 

_ CashAcc — , — 

intenupional Cap 

International Acc._.„ 

_ Atwrkan Cap [1113 

_ American Acc. -- — 1119.4 

— Far EaiemCap 

Far Eastern ACC.— 

— Sun Life 

— Ports for btitadua! 

Pens. 


= KMSSTzzi? -a^ 3 ' = 

— - Fixed Interea (447 47.U+Oij — 


Pension Fd. Uts 

Onw.tas.Fd 

Cm. Rns.&m. IIL — | 

Man. PensThtl 

nm. Pens. Cap. UL- 
Prop. Pens. Fd— _ 
Prep. Pens. Cap (Its. 

BMgL~5pc. Pen. Ot 

BHg. Soc. Cap. UL-. 

GBtsPefts. FaT 

Gilts Pens. Fd. Cap. - 

EwHyPem-Fd 

Egnity Pets. Fd. Can 


Providence Capitol Life Assc. Co. Ltd. 
30 Udetdge Road, W128PG, 


. Managed Cap_ 
Pens. SAanaged Act- 
Pens. Property Cap... 


J - P«« 


Pens. Property Acc. ., 
EqirtyCap- — 


Pens. r. interest cap. 

Pens F. Interest Adc. I 
Pens. Cash Cap. — — 

Pen*. Cash Acc— ’ 

Pros. intnL Cap. 1 

Pens. InW. Acc.., |BL. 

Pens- American Cap. .p2 
Pern. Amencan Acc. .{UL< 
Pens. Far Estm. C«. „ 
Pens. FarEstnuACC. &5 



Ariril 13. Next dealing April ZL 
TErdudes mtMl cbwge on unail orders. 

He nderson AdmM. (Guernsey) Ltd. 

7 New SL, St. Ifetcr Port, Gueneer 04812654172 
Amertcan CDS cents). 1 1173 124J8 ....4 — 

Henderson Baring Group 
BOX, Gloucester, U. Pedder. Hong KOng 


SMhrtTnil 1502 

Peotman 08 Trust- 1M.9 
Managed Fund— 132JD 
Coin Trust fSBJB 


1766 -?-2] 
809 
154« 

77 i . 

i2a« -oti 

lfaii 
132 Jk 

W 


062423924 


_ I 
1 

IX Q*f i 


mo 


Roth schi ld Asset Management (C.I.) ' i 

PXL Box SEL SL Julians Cl. Guermey. 0481 26331 l 


American InMsimmts- 
Autrailan Peri, Fa 

Far Eau Fund | 

Jersey Energy Tst — 

r Gilt" 

:_ro*lh Fund 

Gjlt TraSg aSoI IWJ J 


AustraHa 

Japan Tech. Afnl 13. 
Japan FCL Aoro 14 .... 
Matey Sing. April 13. 
Pacific FU April 14_ 
BondFttA^rtU ^ 



USS7.4B 

isshu-B 

1CS3H, 

MM 193» 

mRu*izu^o| 

|isiB53’f 111071 IM 
IPir llm i iay Charge. 




IntnL Cart. Sect. 
First Sterling 
FirstlntnL 


Brown SMphy Tst. Co. (Jersey) lid; 

P.O.Box 583, SL Heller. Jersey. ' 053474777 

Butterfield Management Co. Ltd. 

PA Box 195, HanlMan, Benmria. 

sc. ..... 

Price at April iSTHext Mt nay May 

CAL Investments UoM) Ltd. 

16, SL Eeoraes SL, DtwgtovlOM. 062425031 
CALCa«y.«&rt?vEB) 3J97I 

CAL Metal" p95 83.7| 

Next draflng day "April 19, **I 


Henderson Ntanagement (Guernsey) Ltd. 
PO Box 71, SL Peter Pori. Quernse*. 0483 26541 

GHIFtLT IfS-EB 93M-O06I 1335 

tlMeeMy dealings. 

HDLSMntae) & Co. (Guernsey) Ltd. 

8 LeFetwre St.. SL Peter Pari, Guernsey. C.I. 
Guernsey Tst 099.6 2135} -2JI 3.46 

HD Samuel Investment Mgmt MnL 

P.O.Box 63, Jer^y. 

UK Endues IC.L Ht)-(14L1 Z5L! 

UKGlbUy. Fxd. I*)_ 

"OLff 


— "O.G l a t g rgaUarwi Reserns United 

— BcL Fms (Fin.}) 745//* lltaflan Urn fK2iL 

— „ CamxAxnS 31940 [Singapore S HMO 

10J» D-Mro k . SM ksurltng^ — 5S 

Dutch GixMer— *6635 k»te Francs— . 44.160 
French Francs- HB3« RETS 25615 


tPrice on April 8. Men dndtag Atxii 2L 
■Pnces on April 15. Hex! deahng April 


30 


■rtlally tksAngs. ~*AjxU 15. tTOBdlngs every week, -j 


Sm & Prosper international 

Dealing to 

Pa Bax 73, SL ttrUer, Jersey 053473933 


-.1 


IM. Man. (Growth. FU-L 
Box 2KB. Berne, SMD 

H.S. Oiersen Fit 

BxtmuxKCSF Fund] 

Far EiW (Crossbow] . L 

Technology (ITF Fd).|US5UJ6 

LG. Trust Managers Ltd. 
ia Sl Georges St, Dooglas, leM 
Im-ConvROdisiei Tst .[992 

■ Men deaFng PBr May 

IGF Management Services Ino. 

c7o Reghtrat^ P.a B<W _1044, Cayman K. BWL 


Deutschmark Bd. ■ *.[DM9.4J 

Mb-. Fxd. iro. -t heya 

a. Fixed ■■■it QIMA 

053476029. Ven Bond' * [YUM 

15 

J4 



^ 3^ -0.4 192 


:d w 


7.98 

0535 153/4. . -.-J 0J6 


I 0624 25015 SL Deposit*'** D535 15351 ... 

jneig j _ ^^Vpnl 12 • -AfX« 14. —*rU 9. 

iWJt — 4 — . !5 (URecMy drotags). Daily Da 


— Intend. Gold Fund {USK251 6554) 


Schrader Life Group 
Enerprbe Home, Portsmuh. 

11245 


DaaBngi. 


07D5 27733 


Growth & Sec. Life Asa Sac. Ltd. 
4&LpnBMFrWt Exchange, El 6EU 01-377112? 


— I — FlexiMe Finance— 


!zd y&. | zJ - 

to. _ 156.W moii —1 — 
a— E9A» 1 4 — 


London lift Linked ' Assur. Ltd. .. 
lOO.TwpleSL. Bristol, BS16EA. 027242)9179 


Canada Life Assurance Co. 

2J>, High Sl, Paueri Bar. Heru. P. Mr 51122 
EqMyGOi. April 1— j 743 


RtmL Fed. April A | 


3692' 


Landiank Scs. Acc. 
G.&S. Super Fd. 


Guardian -Royal Exchange 

RoyxTExchange, E.C3. 


“j _ . fSfflrderWt' 


01-2837101 


-E‘M.6 30681 I — 


Canada Uh Assurance Co of GL Britain ^ugMMuwtwp Umltef 



Rendon Eaaky 206/6 

. Pros*® Fxd. Im 180.7 

Depout Fd. Acc S6J 

ia5ros.DroF(Ukt... 57 6 

w4«!nSiriL3QL" 57J 

Intel. AO— - — 587 

liu.PeiK.ldtal.Acc. _ 610 

Managed Fd. Acc : 66.4 

lrt!wdM»LF(tAai. 586 



>}5941 
137 X -041 _ 


lrt.P«£PropJiLAa_lM.« ^ rlMlm ru . , 

For Other Fuads art Capital Units ring 01-749 911L Be^Pd. 


01-749 9111 Target Lift Assurance Go. Ltd. 

£ 9 ? HKBe ' 6 ~ hDUW UWft 

Man. TunHncJ 

Man. Fund Cap 1 

Man. Fund Acs—.. 

Man. Fd. Init.1^. 

Prop. Fund lnc_ 

Prop. Fd. Cap— — 
prop. Fd. Acc — 

Prop. Fd. I ok 

Prog. Fd. Inv ! 

Fixed intFit. lot— 4 
Fixed InL Fd. Cap. 

Fixed InLFd. Acc. 

Fixed Int. Fd I 


Capdbex SJL 
Pa Bax 17B, 1211 Geneva 12, 010 4122 466288 


2^i High SL Patters Bar. Herts. 
Managed ta Fund -11 3) 9 
Property Pen RMdZ|L02D 107- 
Index Lnkd Pen Fund U-077 

Cannon Assurance Ltd. 

1 Ofympie WUSy, Wembley KA90NB. 

Equity Urn is, — 

Propxrg*lMtt— .. 

Equity accwl. ” 


Bs’assr— 



.Bar 51122 Do, Aram. 


01-9028876 - imenudJanattnUaL- 


JudlL 

Bvi AmerKao. 

2nd inti Money — ^Lra- 
2nd Inch-x — R2-9 

nufEq. pntK:Att.„ 065A 

cirri fvci PetttaAcc 
cm Mod P erel Act. 

2nd Dep- Pens/ Act 1 

cm Pens. Act. 

2dJ 
2ix*i 

2nd IndnFomAtt. 

L6.E S.I.F— — . 
LdESLt.F. 



London & Manch e ste r Gp. 
Whsiadr Park, Exeter 

Invest Tsl Fd 1 

Property Fund, ! 

neSble'FiXKi. 1 


Fbted I merest Fd 

Cti Deposit Fd. 

CapiteLGxrth.RI. 

Moneymaker F«d~ 
Exempt Invest. TO.. J 
Exrotpt Propert y M 
Exempt Flexible 4 
*Mmmto price 


039252155 

.7- e?s 


Provincial Lift Assurance Co. IM. 

222. Bbfcopsgaie, EC2. 01-24 

^ w ]H 3 =-tt 


Dep. Fd Acc. 


(Food . 


SSS&Ki,--: 

SS 2 S= 


price where mdaoid rnognL tSaivt rnpiy 


Cunvm »»ue April U 


Capital Ufe Assurance 
: Conston House, Oupef AshWTbd 


MflMM.JM_| %sr- = 


Pros. Fixed IBL Act. 137.4 
Pens, tart lonlat^— n&6 

Pws.lmT. Acc. — 1223 

Pens. Prop. IriilaL— 1116 
Pros. Pitp. Acc. — UM 
Pees. Capo* MUU12L8 
Pens. Depos. Acc. — J3Z7.7 


— Hambro Life Ass u ra nce PJLG. 

70ldPartiLxne 1 Uxx*»vWlY3U. (B-499flfpi. 

— Fined im. Dep. ! __- 

Eredty. — 

nieoty, 

“ < Managed Cats-. — ., 

Managed acc — . 

- — • ‘Ouinrai - [ifiZfl 

£5 Edged— p06 

Amertcan ace. ^ 

090228511 4>eiiF.l.Dep£ap 


Pacerruko-lnxEd. 
For 


PeccF.l.DepJwr. 
*p.Cbp._ 


mlhdtelatMMtAUfk 



Chieftain Assurance For<ds 

11 Mere Street. ECZMdTP. 
Managed Grtrilh — J15779 
Manned Income . . ..|fl031_ 
InenmUoMi W _ 

Higb Income . . 

InonneB Ortnrti. 
BmltfleyQurcev. „ 

ArovKAIt/ 1 - . 

Far Luem (*1 

Cush— 


Qty of We s tminster Assurance 

tsissshar “-abMoum 

‘ *■' * 

iroo 2 

,. fpm. „ nos 

Money Fund JJM.9 

GAF«B. — — — ml 

OriJrGoldFd. W03 

PULA Fund.. WW 

Soc. Prop. Unto MJO.- 

Sot. Fred Utrii Fond.. [WS.9 

Fund cmremly BWl W oror 

PcrhxmUtuti 4 ZaLo 

F* Pemon Price*, nw phone OTO WU01 
Sron Ui Prirev W l. rpMSm nrort *1re U.19BD. 
striti ill Ibex- are Mi gnus for writer poboes. 


Pin. tap. 

Pro. Prop. Acc. 

Pro. Man. Cab 
PM. ME91.ACC — 
ta.HHEjdg.CM. 

Pen. G8t End Act. 

01-2835935 JS&SS: r 

Pro. Cap. — —I 

Pro. as. Acc 

Pen.DAF.Cro. — J 
Pen DAP. Acc. — 



M & G Grtup 

■Tbree QuayvTowrr HH, EC3X6BQ. 01-6264588. 

---*aii — 

z 

(1992 

103.9 109 Z -03 

297 2 - 


American Bee. 
Ansbaiasii Bond, 

. Commodity Bond 
Convert Deposit Band, 

l&Wl'&E 

Family Bands — — ; 

\ 

High Yield Bond—, 
tndw- linked Gl Bd™ 
JntenWJionai Bond™ 

Jxpu Find Bond 

1 Managed Bdnd.—n 1 
Property Bond.-— L, 
fleramy Fond Bond 
— HeAfe Penpoo 

SSteR - 1 


Acc.„ 

! Peru. Acc 

Property Pros. Acc. „ 
FlntaLtas-Acc—. 
Equity Pens. Acc. 

For 


Dw.Fd.liri 

01-247 6533 U* E 4uj!7 g- 

Ecadty Fd. Cap- • 

Equity Fd. Acc L 


-03 - 


i Edoftv Fd. Init I 

InL Equity rd. Inc—; 
InL Equity FttCsp.„. 
IntlEouky Fd. Acc.—! 

„ Ire. Emily Fd.Joi 1 

_ Rtt.PfcnAc.Pim 

_ Rrl. Plan Cap. Pm... 

Man. Pro. Fd. Acc.™. 
_ Man. Pee. Fd. Cap. ™ 

_ Gilt Pro. Fd. Acc. 

_ Gttt PtnFd. C^p.. 

_ Proo. Pro. Fd. Aa 

Prop. Pro. Fd. Cap. - 
Gwr.Pen. Fd. Acc._.| 


IM am ££ Prices 6533. 

InKx-LPettFiLAcc.. 



i^lf 


Prudential Pensions Limited 
Hctoom Bars. EC1N2NH. 

31 

Fixed In. Mar. 17.. 
tap. Frod Mar 17 
Pm-Unb RHVmrot 

Managed Fond ; 

Cadi Fund - - 1 

Refuge Investments Limited 
103 Oxford SL. Manchester 


01-4059222 



asss&c. 

Swiss Franc Fund. 

Deutsche Mark Fund. 
Yen Fund 



-j ;■ 


200 


Fooselet.. .... 

Bondselnc - Ft! 


Capital Asset Managers Ltd. 

Bermuda Hte. SL Johans Ate, SL 

Thr Currency Trmt—f99^ 10501 J 0.95 

Capital Int erna t i onal Fuad SA . 

43 Boulevard Royal. Luxembourg 

CapMjf InL Fund 1 USSS.77 I i 4 — 




M.V. Interbeheer 

P.a Brt 520, Detti. Hafland 

EsnwraMaCOHcrPceX DFT71LSD 

International Bond Trust 
2, Boulevard Royal Luxenrioreg 


1—0071 284 


51857 

Sols 

suu 

1729 

XL6Q5 





CMm A NAtf Apnl 15, 
QaaiBNAV April* 


— 1-0031 — 
-006 


International Pacific Irtv. MgmL LbL 
P.a Beat RZ37, 56, Pm St, Sy^. AusL 


Javelin Eoufty Tsl -IAJ320 


4 736 


a«i.i 

aTteri. BufaTay May L 


01-3463999 


-682 


Charterhouse Japhet 
1 P at ernoster Haw, EC4 
Emperor Fund* ... 

. Hispauo 

•Prices « March 


C ha rt e rhouse Japhet Currency Mngt Ud 
Channel Hse v SL Hr ter, Jersey. 0S3474689 

Central Aortt Currency Farts Ltd. 


Investment Advisors, Inc. 

Fto-tt mternatkMH Plaza. Houoon Taras. 

Finqnde InvesL Fd. _l - £334| „.J - 

UK Agents; Jans Rirty Tel: 041-304 13ZL 1 
Stenherg 7TnmB Qarire Tel: 01-247 846L 

I mricta- Investment Management - _ , - - - _ ... 

1 Charing Crro. Sl Helicr. Jersey. 0534 7374L. **?■? Tried Mgrs. InL LbL_ 


EBaxiy.. 

SEtartty. 

EFhred Interest. 
SFhted Interest. 

(Managed 

SMaoaged 


Schroder Mngt Services (Jersey) Ltd. 

Pa Box 195, SLHeUer. Jersey. 053427561 
Sterling Money Fd .. .1022286 1222881. — I — 
Next subscription dly Apnl 2L 

j. Henry Schroder Wegg & Co. LbL 
120, Omrtde, EC2. 01-568 400a 

Am.ln.TsL 
AsfcnFHJ 
Cheupslde 

DnrUnq Fd. . _ 

JaproFd. April 15 __ 

Trafalgar Fd Mar 31 1 






=i = 


Chawton Cemmodities (Isle of Mao) Ltd. 
29, Athol Street, Donjdas, l-o.M. ' 062421724 
HormartyMetri Tnm. @3639 1> 

Norman^ Com. Tsi™Bj»0 V 
CanO. Crervney & Gd| 

Csrahfll Ins. (Guernsey) Ltd. . 

P.0. Box 157, SL Peter Port, Guernsey 
lrirf.MJUi.ra. . ..... (Zia.5 2373J 


Gilt Growth Fund : 10098 

Gut Income Fund .. 


JanSne Fleming & Co. LbL 
46th Floor, CamaugM Centre, Hong Kong 

J. F.tepanTri. 

Do (Acctim.} 

J.F. Japan SnxXI Ca . 

J.F. Japan Technology . 

SF. Eastern Tsi I 

Do. CAcounJ HXJ76.I2 — 

J.F.Pac. Secs. (Inc.) 

Do. (Accwn.1 

JF. briLTst 

Do. (AccunJ 

XF.S.EA J\ 

Do. (Acannl l_ 

J.F.PNL USS72I - 


JLF. Car.&BdF(Ulnc.HI 

Do. (Ann) 

Japan & PadFc CnvTsthfiims — 

Australia Tst. USS&2D — 

NAV rore 6. Next derflng « 
Loodon AgMb; RM. Fleaeng & Co. 


M 


080 


L90 

UO 


030 

180 


6.90 

930 


520 


Box 273 Sl Peter Port, Guernsey. 

Maud. Curacy 14972 

LFfad liureen 5295 

£ Equity »23 

5 Fired Interest 1024 

. SErfaty 021 

Schroder Ufe A nmn Int 

Mood. Oirncy Ule Fdk 

E Fired IM Ufe Fd-..t 

S Equity LBeFd 0LB 

Prices on Apnl 14. Next derfmg April ZL 

Scrirageour Kenro-Gee Mngmt, Jersey 

1. Charing Crass SL Helier, Jersey. 0534 73741. 

SKG C apital Fond — ^ J - 

SKG Income Fund [512 52a +0a 939 

GUt Band KU9.4 iSt) -63 — 



T ran s i uter national Lift Ins- Co. Ltd. 

5547. High Hofixun, WC1V 6DU. 01-8317481 Cortera Intenrational 



ftaed tutere«TBSI| 

laaeLlnhed a (Op) 
I Do (Accum) — ,-^M 

Mte>9e«i(troJ] 


Reliance Mabai 
*’ Tunbridge WcOLtaL 

= WreT 

— Effi5Sd?" dhsue1 

Z Rothschild Asset Mamgenieirt 

— Sl, Swrthins Lane, London EC4. 

— MX. Prop. tm.9 T 

— Hod ori. period June 

“ Royal (nsnrance Group 

~ New Ball Place, Liverpool. . 

_ Rbyal SWrtfFd. __ J223 4 


Series 2 Han. Fd r 

Series 2 Equity Fd. ^ ! 
061-2369432 Seoei 2 Proo. Fd. _ L 
■“•*•0.91 Series? Fixed W-Fd..,, 

+ 0 * - ■ SsRSEffir 1 


Series 2 

Tuftp Iiweil Fd _____ .. 
man nrrm TrfiP Managed Fd. ._ 1713 
089882271 Inv. Fd. InL 1312 

— Manandlm.Fd Acc.. 149.0 

— Man. Fen. Fd. Cap. ._ 187.9 

— Man. Pen. Fd. Acc. _ 2243 





10*, Boulevard Royal, Luxeretarg. 
Cortexa Intel USS75JM I „_.4 

Craigmount Fixed InL Mngre. (, 
P.0. Box 195, SLKelier, Jersey. 0534 


— Gift Fund 




...068 
i week^ 


, 86.7[ 

hratiy. 


> 

'561 
-.4 1480 


Leopold Joseph & Sons (Guernsey) 
HlraeiCL, SL Peter Port, Guernsey. 0481-26648. 
1—1. Sterling Fund._l04.71 M.72} 4 — 

For Hng and Stacsoa ste 
.Brttxnete ML Im. 


j9 Sentry Assurance International Ltd. 
01-2832400 P D. Bay 1776, HamBton 5, Benrexte. 

Managed Finl |0SWWS» 48677] ....4 — 


Kteinwort Benson Grtwp 

20. Frodxirth Sl, EC3. 


DWS Deutsche Go. F. Wertpaptetsp 
Groaeborgwes U3, 6000 Frarfdnn 
invesu inoan 3U0H>*\ — 


Hearts of Oik BenefR Society 

129, Ktugrorey, Loodon, WC286NF 01-4040993 

BK&BfcdSS. m 3 r.J = 


MaagwUCyJ 

Do. (Acamr J. 

firafepi 

Penonl. Pension -.1 4 

GMrif Equity tad (r) 

Mwufactorers Ufa hrsMinca Co. Property ra*. 

St. GoBigeVVVay, Stevenage- 043856101 GlkW..-- v 

■DrtXWtt RLT . — ^ L 
Man. Pern. Fd.. 


01-6264356 

ii l “ 


Tndent Uft Assurance Co. Ltd . • 

Looifcw Itead, GtoucHUr. 045236541 

UL2-V 


srfc = l 

Property- 

05MWM82 ftEfty-MH^ 

ZSto.'ti — 


Save & Prosper Group 

4. Gt^LNeten’s. Lndn. EC3P 3EP. 


1?78 


50.4] 


High Yield 

Gift Edged 

r-towy 

01-554 8899 International— ....._L 



Wsl Prop Fore!.. 
Managed Fund. ... 
twttyTtmd. 
Freeuxlf 


Hendenon Adndfdstrt&n 

1 — 1) Austin Friars, Liaxftn EC2. 

228.7 , 2140 HKh Income fd. , — ,PM® 

83 ^ jSS 
feii Si 

2D7.9 Ntoaqedtald lg| 


01-5683622 



CJertcai Medical Managed Funds Ltd. 

15,Sr.Jjmm.SS*,SW)Y4L0. 01-9305474 

AM ::rJ = 

fWt Apnl 7. Uad derfmn on Wednesdays. 


PnSwi'pro —[963. 


HP Samuel Life Assur. Ltd. 
NLA Twr. Addkcontbe Mk, Ctuy. 



m 

hfl73 


_ . r Fnnd_ 

BrinsiiFirecL... — 
latenMMMeuad 

DofMrFtted 

Capital Fond 

Income Fund 

Property Sevres A. 

Commercial Unto Sny _ fS3S3rS.7^H£ 
Sl Helfn’v. 1. Underwit, ECJ 01-2837500 Managed Sretec A._ J 

V’tAA.ApnlR I «05 J J - Managed Series C— 

UltoftrJie. ... |2551 - l— J - HnMU rf^ 

-jl, ■ 1 * hi r~ 1 n mterft/ fbuyT '“Q" nWld-'U 

■ritert in tOxxr 1 — - Money Senes A 

1 Money Units— . — 

ErintyFnnd— _ 

124.7] +L 7 * - Fixed ha. Fond 


I2Z75 


Cndederatioti Lift Insurance Co. 

5ft OMncery UBri. WC2A1HE. 01-2420282 


EunroeanFund— . 

FhExnfM 

Spec. Sits Fund. — - CTO.0 
Nmal Rejoices FdLN7. 1 


Eteriy Famt ._ 
■termed Foatl. 




' starigunm Man Pea 
GrotriMriVl. Pen... .. 

Fire? im. 'Pm.. 

Ethdtytadon 

Property Pcruxi 

imnuanotui Pfu ._• 
CMiPrroroa - 


m w p = 

m '«8 = 

Byi= 


Property Acc.. — 
Property Cap.— 


_ Managed Acc. 


= JESSSfc— 

GumuedCap. 1 

_ Equity Acc. 


01-6664333 


106-ri -Lrt - 
1P7J-UI - 

“ 

J9S.7J 
ISati-tLrf 

iwl-e3 _ 
U9.M -ft 1 



akj 

imraged. - 
Deposit. 

IJ'Jj 


■Evfl 

Paten Fund Prim 
Managed InfL— — . 

n 


2 

Do. Accum. . — 


Eadtybita.. 

Do. Acoxn...— 

3 

Gift-Edged intL— 


Guaranteed ImL— 

1 

linematltmal InlL — 
Do. taaxx. — __ — 
Index Lk. Gtfzlnn. — 
Do. Actixx. ... 

.11 



EqoKyPeta.Fd 317.0 

taptaS-Fd.* 8897 

Gih PegcEtL : J36.9 


i»!± 

zkl -ii] 

5183 . .J 
. 144.9 -03 
1699 rftd 
48.4 -oj 
IWeekly Deahogc 


Fiscal.... — r. 

Growth Cap — . — 

Growth Acc 

Pern Eauty Act _ 

Peov MrreL Acc. ._ 1893 
tar. Sift Edged Act 148.4 
Pens. Gw Dep. Att— 1683 

Pf.w Pii. Act 2238 

Tn liw. Bond [51-1 


168.D _ 

- 

im -64 _ 
1B2.C -08 
1688 -J.4 
19 L( -2 J 
1678 -48 
1993 -21 

1 &: U 


Deft I rw. April 6 (USS3B3 3L8J .....J -- 

tendon Agrtu KWtworl Benson. Tel: 01-623 8000 

Dcnfetctar Imrestment-Trust 

Pnsfach 2685 Biebergam 6-10 6000 Frorfifwt 

s nesbar=m 

Drexd Burotoam Lambert 
77. Loodm Wan, Loodon, EC2. 01-6283200 
Winches iT Diversified Ltd. NAV March 31 

. _ . USK6.73. 

Wmcheser Owners Ltd. NAV Bterch 31 

- - USS10.95. - • “ 

Winchester U.S. Reserves Ltd. Current yield 138%. 

Dreyfus Intercontbieutal Inv. Fd. 

P-0. Box N3712, Nassau, Bahamas. 

NAV April 13 WSJ2S.40 27A2|-0J5| 


Guensey Inc., 

Do.Anm„.— — . 

K.B. Eurobond Fd—. 

K.B. Far East Fd. 

fCB. Qlt Fund——. 
K.B. InL Bd. Fd lot : 
K.B. InL Bd. Fd. Act 

Kft Ind. Find 

K.B.JupanFixtd__ 
K3. Start. Asset Fd.., 
KJB. U.S. Gwtti. Fd. .J 

Sigtfi-tSfismuda.. 

TrensauooUc Fd 1 


1908 


127.4 


9981 

139S 


01-6ZS8000 


JQ0.73 308 7af*0Jl] 
BllSa7.49ii!SgHi 

B&oil 

bssm.^ 

■515.10 d 


P3^TO15ffio4 

^.96 

USS688 

S44-B9 


+ft07| 


*02$ 


Signal lift Assurance Co. LbL 
Ocean Hrtrfds, ftjetewmy. Cdvaftre. Te<ex2332. 
Grouch Strate9esFd-h2S 233» — .4 — 

Singer & Ftiedtander Ldn. Agents. 

2Q, Cannon su ECU. 01-2489646 

Dehrfnxfs 1DMZ289 a8Q| -..J 68* 

jFK TohyoTS^fll—l LSS39.00 | — -J 282 


3J4 

1330. 

10.71 

1071 

27* 

0.94 

m 

230 


Kotea International Trust 
Fund Man..- Korea Invest Trust Co LbL 
c/o Vlctm da Costa. Ud, King WllHant Street, 
London/ECA. 01-6232494 

NAV won 6769.13. IDR value USS9360 jOOl 

Hie Karen Trust .... 

Daehan Investment Trust C«lUiL' ‘ • • 
FK1 Building, 1-124 YWdo-Pong, Seoul. Korea. 
NAV Apnl 10 (Wai 10.739) (USS1489). 


Strategic M etal Trust RAagrs. LbL 
3H0I Street, Douglas. 10M 062423914 ' 

Strategic Metal Tr._|u$SL9U 0-969 1 —.4 - 

Stronghold Management Limited 

P.0 Box 315. SL Hefier, Jersey. 0534-71460 j 

Conxwxfty Trust J136JB 143351 4 — 

Sufavest (Jersey) LbL 

4. MUl SL, Doirfaiw bte of Man - 062423914 

Copper Trust 10254 132IK-013I - 

T5B Trust Funds (C.L) 

10 Wharf 51. St. Keficr. Jersey (CP 
TSB Gilt Fund LBL— W.O WX 

TS8GiKFdLhy.iUd.B7 0 
TSB Jersey Fund — 11573 

TS8 Guernsey Fund .1573 60_ _ 

Prices on Aard 14. Next sft day Apr* 2L 



Schroder Ufe Group 
Enterprise House, Portsmouth. 

RSten 

Mray n 
Money — 

Oveoeas «_ 

Property 

CCB Vanguard 

K&SGo«.Secs.- 
IncnraeOistr*.— 


.0705827733 gjfej 


Tyndall Assnrance/Peiisions(a)(fa)(c) 

ia Canynge Road, Bristol. OZ72 732241 Duncan Lawrie Inv. Mgt Ltd. 


Mothers & Co. (Jersey) LbL __ „ 

106L Sl Helier, Jeney, C.l. .053437361 Tokyo Pacific HoWngs N.V. 


5Pi -051 
2023 -071 
151-C 

1312 -0.71 
160.9 -03} 


Property. 

Overseas in 

UK In 

Deposit 

Han.Pen.3-w 

EgnrtyPen ....... 

Bond Pen. 


— Eorf 


_.J — CapiW 


Merchant invest o rs Assurance 

Leon House, 233 WghSL, Crojdon 01-6869171 


Property. 


1246 

I MO® 

_ 12AZ 


_ RreSTbreAtc. 

- 

Indexed Sea. Cap — 1966 

ConttoentM lift losuraro* PLC ^ 

22J^Sri5S? W iax“T“ '«*“ Ufc »» Col ot 
RmMhrtFdtoiW 10631+0-^ — rnxwrtd House, GriWord. 



tatMOkf"*- 

UrttU-tertP-rttetre 5 

127.4 
128.6 . 
1142.1 


eteroredFrixL— 

+10 ( - KSiS-Pcl - — 1 

Secret Cap FH. 
BHflyFwd 


CBfMdn Bmmt Ca. LbL 

32.Corrfan.EC3. • 

fattMttfcrffi 

Mao GM M Arrd7 . 

MMreFAAunn. 

Cm To Mre,ul3-. 

GL6S.aec.ro — 

Irish Uf* Assurance Co. Ltd. 

QnMtt-A Coratneroe lmm«K8 B*sao«Hotito7/UMoor9«tiTO .€W»6B40i 

12ft ftaoeol SL. Londau W2R 5FE. 01-439 70QX Bi«- Drip MarchZb _27.6_ W7] J...4 — 


Property Fund— . „ 


im 



r Pens. . 

/Maricet— .... i 

Money MkL Pens 

Deposit.— 

Deposit Pm.— 
Managed 



— Index Linked 



1 

::.7; 



— 


i 



I 

— 

1, 3B2.4 

— 


General 

Europe. 

Sadler CoV. 

Amman. 

ghtSfST mt— — 


mm 


~~ Shamore & Msday 

“ BOta.Cap--._-. 

— B5.Pen.Asc. 

~ EQutyPrauonCatL 

Equity Persioa Ace. . 

Mood Pen. Cap. L 

— Mod Pen. Acc. CJ. 

— F.lnL Pen. Cap— — 220.7 

“ F. I«- Pea. «. .. 

” Money Pen. Cap. ' 

— Money Pen. Act. 555.9 

“ Prop. Pen. Cap 1787 

~ Prop. Pen. Act — —I2D3.1 


Prices are for Lte Series 4 April 15 


and PeraXns Sene a April 13. 
Scottish Amicable Investments. 


Prop Pen 

Dep. P« 

Nh Stfiif from Apr 

U.K. Eqraly 

Nth. American En. 

Far East Eg. 

~ Fixed--., 1 

Cash Deposit. 


-Index Lurirod Fluid ....[97.0 


Vafthragh Lift Assurance 
41-43 Maddox Sl. Ldn. W1R9LA. 
Managed Fd. — — —1299.4 

ss«.=B 

FwJInL Fd 194.9 

tag-Fd bl5 



P.O 

Laz. Bros. bd. Cap... 
Lar. Bros. InL Inc — 
Lax. Bios. Ibl Asset- 
Laz. Bros. InL AsseL 


Vkunr rise, Sl Peter Port, Guernsey. 0481 28034 

S:teSS«i 5 al“^ 5 l l^+OJnj 

Entson & Dudley Tst Mgt Jrsy. Lid. 

P.a BW73 SL Hefier, Jersey. 0534 73933 . L»ytfc JsL<rSe«x__ 

Eft.I.C.T. rilQ9 12OJI ,. M ,J — _ Next teal 

' Unyds Trust Grit . J 



1 FdL. 


J16L4 


_ P a Box 25, Crxnjterth, Stirling. 


fSS'n 


llOrrest— 
Internal tonal. 


Muttipie Health and Uft Assur. Co. LbL 

aasisuf* ta—* 


>=I=J = 


NEL Peostoos Ltd. 
Milian Court, DoridnfbStmy. 
Neiex Eo. CM-. 

Nefex Eq. Acc 
Nefex Money! 

Neiex _ Mob. — 

Nefex Cut inc Cad ^ 

Neiex GUi Inc Acc — B 
NelMxd.FO.Clp. — | 
NrlMxd.Fd.ABC.-. 

Nrtrx Deposit 


0306 887766 

ibij ~ 


CO DrtXhit Fad.— 10JO 

S!iSS , ,5R,iL-!gS 

■assasL-gs’ 

CCS Irii. fd *vg 

CCI Hn#i Inaxrr Fd te.0 
CCi Property Fd. _...l9fc2 


zi z 

tap! S£ GLApra Lt 
PlftMd.Grth.Ser II- 
ExempL Man. Fd.. 

irf .—I — HKhincornBFrerf. 

U2H —.4 — GlofMfFund- 


13f>DJ 
114.0 
174 J 
074 ( ..-. 

nfle 





Managed 

Exempt Eq. Ink. 

Do. Actum— 1 

Exetev FxtL hv inrt. 

Dd.Accux 

Exempt MbL loft _ 

Do. Accum ~ 

ExemoL Proo, ted- — 

DO. Accum. ; 

Exempt Cash IrM .! 

Do Accum ' 

Exempt Man. LmL — 


— Do. Accum. 



0786 3141 Vanbrugh Pensions Limited 
-11-43. Maddox St.. Ldn, W1R9LA 
Managed 

FiredVrSfrovt 71 . „Z. [ 

hSp xLfee dGiKT “ 

Gusraroeed 



Windsor Lift Assur. Co. Lid. 

total Albert Kw, Sheet SL, Windw 68144 

Icwtror Utuu. [1096 152? --D3 _ 

Amxn Pen tints. .1172.0 BlLffl +051 — 
Flex. Hw. Growth — Q269 I333j -t-6k.il — 
Faturr Assd Growth _ CB.Otal 49ftftrf +581 — 
Ret. Ass's Pen....— ...I £3338 . I+L1«J — 


The Engfisfa Association 
4 Fore Street, EC2. 

EJV. Incooe Fd.*...— 

E. A. Sterling* 

E. A. Eaiitf*.— 

MtedgueCm. FdL— .. 

•Next dealing Apnl 2L ■~re.-xj dealing April 30- 

Ennttagc Managonent Ltd. . 

Grvfiyffle Hse., SL Helier. Jersey, C.l . 0534 76007. 

■Bee=«p = m-~ 

Eurobond MaMIngs N.V. 

Wefermaai IS, Willemstad, Curacao.- — - 

01-4994923 

EwoHIdgs. IUSK055 21261 | 9 SO 

S.E. Europe OUigatlons SJL 

9, Avenue de la Liberie. Luxembourg' 
tendon Agent- FFS. Saltabwv Hse, London Wall 
EC2M STA. Tel. CQ-920 0776 Tefex B87281 
&rosw-0bll9daK-| USS4434 | 4 LBS 

Euretu lAwstnunts Ltd. 

ifKtalx^lS^afSBow 1 * 01 MaC ' 0727 33166 
Eurotax htx. Fond [1095 115.41 J _ 

F & C MgmL Ltd. Inv. Advisers 
L Laurence Pounmey HiH, EC4. 01-623 4680 
FK Atlantic Ftf-SA. I UHW73 [ | 135 

F. & C. Orieotal Fd....[ U 5516.95 I....J 039 
Pnas March 3L Wwwiy dahros. 


Lloyds BJt (C.I.) UfT Mgrs. 

P.O. Box 195, SL Heiller, Jersey 

“ “*-#***! 

■Stel?a ,mji 


0534 27561 
22S 


Next 1 



Unyds Bank Inter na t ion al. Geneva 
P.O. Box 43ft 1211 Geneve 11 (SwllzerfaixD 

UoydslnL Growth ._|SF5BL0 620.0] i 140 

Lloyds InL lncome.„.fSF2663 Z77Q .._J 780 

Ltoyds Bank international, Guernsey 

P.O. Bern 136, Guernsey, Channel Islands. 

Alexander Fund .] USSJL82 I+0J8I - 

Net *sm vtiur Aprri 12. 

Louis Dreyfus Commodity Fund 

<Jt Trustee, P.O. Bax 1092, Cayimt Islands. 
Acx-rt IS. Value per UnH USS512485. 

M & G Group 
Three Quajn Tourer Hill EC3R6BQ. 


L15 

838 


77 QX 


AUantk Ex. 

Austrian Ex. Apr 
Gold Ex. April LI 

lAcaxit Units) 

Island — 0705 

(Accum Units) (2763 



01-6364588 


-ftll 


11.71 

1L71 

437 

437 


01-4994923 


lii DMi. Mnnm. «WnreH«JUU 

nteftj upjosq I iioo 

n Aprils. Next dealing AmU 16. 


CmcBrt Uft Awwdtt 
14 New Brkte Strert. EC4V6AU_ (fl-3538931 
MauflM Fund — [983 
UaugnllnL.:..— p? - 
UKEiua paiJ 


M6.M+ft5 - 


tapmv. . _ _ 
Morey Jtarini ..— J 

fnedm — J 

Tt»vo.. -I 

Anartua.,..'.. 
tomaiagl...— 

trevnes 

fe ^ftra .rfuw—.E 


Br, 

■S! =£? 

n*; -54 
49 J -53 
106 S -*ft3 
J065 -0-3 

91.61-53 


Khn & Stetson PLC 

52DjtoMLK3. 

Bond Fd. Exompt — 1«107 


01-6253433 
82ZU-02BI — 


Croref 1 Uft 

C««(J*H4»,W»etel»GaaWW 
DU.Fd.fncm... 

Mask'd Fd Aa.. 

Mang'dFdhte- .. 

Mantfd F dlacm — 
taprrrr W. Acc - -< 
PKBHty fd.MiL -4 
Promt Fd. Mem— 
FiH«NdfaJ)iB.~J 
Fixed fro. Fd trem... 

Equity Fit Acc. ^. .. 

COMy F* tMI 

atsftfsird 

Nvr.Tjr.Fd bXL.-. 
ten. Tit Fd lam 
UnreyFd.Au..- 
Ufipevt-d IntiB- 
fmevi ra Am. .. 
tnur*:. fo-Ucm- 
High injure Acc- 

Hiutitecdrop 

PCOORMCt Fd. — ' 
CareSdMQM.Fd.- 
hM treaty Fd...., 

Strriejit ifa.Fd — U.. 

B oan to rt M an Fd— tw 



LanghAirt Uft Assur. Co. Ltd. . 

UCThini Htertjrw* Dr^ KW4. 01-2035211 
HMveH taJJjnd— KJ .0 ---J — 
LMrfuanW Ptao --[ffg 7J.^ — J — 

Pro*. Bond .--.-j2«t5 tU 

Wisp iSP) Man Fd I»S V 


Lead & General (UoK Anar.) LbL 

SSS*"' 1 ****!!,' 

CAhhriMi- 
00 Acuxa . 

EoartyWl W ■ 

QO-ACtudL— — 

Fixed iBUd- — 

(to Araxn. 

ML WUal 

WUnagrd inTdi 

Do Acoxn. — .ij-- 1_ - 

EvravtCqty-MA--'- 

OC At* BriL— ZWJ 

Exrimm fixed ft"t — ; 

Do. tall" — - : gr=- 
E miu IritL trxliJl— G2 
no. Acusn- ■--- 

CteOW “M3d. 

nn-Acmm.— ■ 

EarrUtProftM!— 

Da accum. JJBJ 

Sp. (Mpcroi MB— — jfig.; 

ftiRDdi ■ .U0 C7 


Next .reft, day -AprS, 


NFI Pensions Mintgipent LbL 
4BGMcec>wrcASL,B3P3HH. 014234200 

“-n^Apa^^fiyTd 1 - 

New Zealand Sth. BriL Msec PLC 
Maitttnd Houu, Snolwod SSI 2ES 070262955 

\-o-z - 


\-m - 


Kiwi Key iw.Piw — 
UK Equity 


racific-, 


Oh 

High UK. EquHy -— 
High Inc. FxtL InL — 

1 


Scntthh Mutual A ss urance Society 
109 Sr. Vmcru SL, Glasgow , 001-248 6321 

SElttrarJU 3H*i 3 = 

Scottish Widows* Group 
PO Box 902. EdMxxrii EHlb 5BU 031-655 6000 
inr. PM.lApnll 

tat ta. 2 Aprd 1 , 

lax. Cull April 23 — ! 

Mixed Futa 

Equity Fuad 

Property Fund— — 

I.UeriMlioaal fund— 

Fixed mt Fund- 
Cx-Ji Find — 

Peas. Mired Fo.ted.ji: 

Pm. EauiryFtLjyd. [1 
Pew. prop Fd.OriL. [5 
Pens. im. Fd. Ort-.-tr 
Pens. Fnl InL W (r- 
Pens. Cash W. Ort. 

Ex. U- Aonl ■ — _ — 

Ex. U. Inc. Apnl 7_- 

SSf.*feSS'J: 

Do. Pro. Fd. April 14. 

Da Cash Fd. April 14 



OFFSHORE AND 
OVERSEAS 

Adig In vestment 

PoyH-.i 708. 8000 jUph L ^ta ^M269 

Albany Fund Managnneitt United 
PD. Box 73, Sl Heller, Jersey. 0534 73933 

“-"w* 1 'Qzisfunp- 4 211 



Fidelity InteroatfanaJ. 

B QdMMway Houre. Queen Sl.. SL Hrtlrr. 

Jersey, C.l. 

American Assets 

Am. VSh. Cum.Pf.S3* 

Ara-ncw Vah Com— 



Dollar Savtaa Trust" 

Far East , , 

in te rna l xx a l 1 US34.92 

Orient Fuad WS$I?B — 

Pacific 

World 

EjfrFuud 

■Price pi Aprd 13. 

Flening Japan Fond SJL 

37, tut Notre-Dame, Lu x embourg 

Fleming April 13 [ US547J6 ! j — 

Frankfort Trust Investment— GmbH 
Wresenau 1, DJbOOO Frarfdurt 

B3Etteis=BHi Hm = 

Free World Fund Ltd. 

Butterfield Bldg., Kauri non. Bermuda. 

NAV March 3L | USS145.09 | [ — 


Manage m ent International Ltd. 

Bk. of Benrxida BJdq, Bermuria. 809295-4000 
Bda- M. Bd. Fd Cap[ 

Bda.lnU.Bdr 
Prices on 

Midland Bate TsL Corp. (Jersey) Ltd. 
2B-34, HIH SL, SL Holier, Jersey. 053436281 
Mid. Drayton Gill . ._(892 893d +0.fl| 13.39 

MU. Drayton Im. BmlluSSLK L06sj J 9.43 

Minerals, OBs Res. Shrs. Fd. Inc. 

PO Bov 194. SL hefier, Jersey. 0S34 27441 

MORES April IS— ,...|USS9J9 935x4 +01)3 128 

Santa el Montagu Ldn. Agents 

114. OH Broad SL. EC2. 01-5886464 


,r-« ■ AElT Eg Apnl 5 , 


ApoSo^d Apnl 14. _ 
jarfak March 31.. ... 
U7 Group April 7 --I 
117 Jeney Mm3:-. 
117 Jtey. Oc. Am- 7 


*&2 
Sr5435 
mS»71 
1232 
£6.99 
487. 


117 5U9. Res Apn 13. E1LS3 


507 

5635 4-UQf 

ZL3C 
1125 

7 M 

631 +01S 


Httimrt Management Ca N.V., Cwaoa 
• NAV per «hwe April 12. USS7655i 

Tokyo Pacific HMgs. (Seabtured) N.V. 
intmxs Mnaoemnv Co. N.V. Curacao. 

NAV per' share April 12. USS5586. 

lyntbfl Group 
2 New SL, Sl Helkr, Jency. 

TOFSL April L5 EH.4Q 

(Accum. vttrees) tn.K ... — 

Amencan Apnl J5-...D498 159.4] +Lrt 

(Accwa shares) fUM! . 176ft-t-L0( — 

Far Eretem April 15-1X50.0 

(Accum shares) (138.4 

Jevwy Fd. April 14._|12SR 

(Non-J. Acc. (to.) 1244-8 

Grit Fd. April 14 (98.4 

(Acoxn. Shansi |1992 

VSctury Hon. Dantes, Me of Mn.,06M,»m 
High Inc. Gill Apnl 14T.KIL4- - K36^ ... .J 15J2-- 

(Accum Staves) 132.4 

Managed Mar lfl_... ’1 

Equity Mar 18 [1926 

Fixed Interei Maria]18SJ) 

Properly Mar 18 11888 

MmgMtua. mar ls- ISSUS 

Equity InU. Mr 18 

Fixed InL Ind. Mar ia 

Comity. Inti. Mr 1B. US5S03 
Pacific Inti. Mar 1 &.|dSEU30 

M. G. TyneR A Co. (Jersey) Ltd. 

P.O. Box 42ft SL Heller, Jersey, C I. 

oitac _l - usmni I — ; 

2. Ttvogmorton Aue. London. 01-6386111 

LmiCD Invest. Fund ID*® 38 59J1+03T — 

Utex>4mrestiiient-GeseB5cftaft mbH 
PtxtftKh 16767. 0 6000 Frarikfml 16. 

Unrfonds [DMS36 lftM-Olfll — 

Um rota UJU504Z 5295] -0051 — 

Unreru IDIOSJB 36JB0('JD — 

V.CA Financial Management Ltd. 

4ft Essex Street. London, V«2. 01-3536845 - 

PanAmrr. 0's Fd. |USSU5 36.501 . | — 


Rre Vrei DXsera & Assoc, see 


Frontal. 


035 

187 


DHW. UU-CC1XX 

_ USS4337 I — 

1 UsSfcTB J - 

. US33J52 j . .. J - 


- Far Aleranter Fmxi ice LNyit Bank briL Cwmty. G. T. Management (U.K.) LU. 


— Aden Harvey & Ross Inv. Mgt (C.L) 


p iq/.* 

:EEi 



Norwich Union Mranae t Cm up 
MBox4,NsrviMiNR13NG. ~ 
NUtS diooxfte Rmtel Ud. 
NUoagedFuad — 

Equity Food m ,— 1 
Property PuwL 
Fixed lift rand™. 

Deposit Fun ri . 

NHwkh Urfoa Ufa terarancx 

RSUSSSSjh 

Ordinary Stare— --I 



Sfeandia Lift Assurance Ca Ltd. 

Acmmm • Ull - 1 “ ^ *- * J ?S? K*MV 01-3538511 
0603Z220D MuagMfAau 

GjjjPhn A(C 

taterrar onal An — 

Peas. Mcmged Ait.. 

8am (bin phase' 


ICIunng Cross, SL Hefier. Jiy-. C.l. 
AHF Dollar IRC. Ft! .HBSBOe 
AH R GtIc Edg. Fd (0147 


PrekHse-JLfi FlosbureCirciH 
Tel; 01-6^8 8131. The 886100. 
Lfltrioo Agents (Orr 


0534-73741 Anteor Gift Edge^, 


MJ9 

am 



1 r^W* oi“®er^Ute itecLieretaj - 
sb (ten please Pone 01-S3 £S21 

Per State Ub - ltd 
im Sow Wt Mt Jtamce LU. 


Alliance IntenMtkMnl Dollar Reserves 

C3 Eatta of Bermuda, 

Ap.- AC’-1 1. 6Z'b3 Queen Sl, EC 


Anchor lit_Fd_- 

Berry Pit Fd. . 

Berry PacStrlg 

GT. AsiaFd 

G.T.AidSU 

IX AretraHi Fd. 


- Bond fnnd 1 

8881 G.T. Dollar fll_ 


— j “ Standard life Assurance Company ^r. 

z:\ - SlteongeSLEduRughEffiaCZ. 031^257971. 


OrttfifcAion UJfCb 17 (Di)0Q371) g!t! D fr. (StrigJFtiu 

G.T. lures. Fa. . 

G.T. Japan SnuH Ck-_| 

Arbutimot Sccurfttes (C.IJ LbL (a)(eXM 
P 0. So* 2E4,SLHeh S Jeney.- o»i 76077 tT.'lSSGmrehFtC 

ennSidKP lm *° m 

Gev'tSen TsilCl).. 


llor, UnHs tier, 


Pearl RuaMct (llott FuWbJ Ud. 

252 High Hflftrnn, wnv 7EB. _ 01-40S844L 
Un.PmftDM. 

.UK Prop- MX. 

!!w.n£hru 

,|ff^ 5 Sli!!^' 8 Sy!. Ui 






Murray, Johnstone (Inv. Adviser) 

16ft Hope SL, Gtxsgow, C2. 041-2215521 

Hope SL March 33 f 

Murray Fd. Man* 31 

Pacific fundMMi31-i uSSftS? 

Nat Westminster Jersey Fd. Mgrs. Ltd. 
23/25 Broad 5L,SL Hetler, Jersey. CS34 7000] 
H^i Ireme Fimi_«K' 

EtxXty Fund 

Internationa Bond 1 

■SuU. day every Ttourv. 

NegH SA 

10a Boulnanf Royal, Luxeirhourg 

NAV Mur. 29 1 LEW 44 - I 4 - 

hjex. Inte rna ti on al LbL 

P.O. Box 119, SL Peter Pen. Guernsey, C.l. 

sssssfe-ffi «! - ’ 
aff£SSS.-fe . Si:-: 

IninL Managed |6L0 . 6631 — 


Vanbrugh Fund Mngmt. Int). Ud. 

28-34 HIH SL Sl Hriitr, Jersey. 0634 36281 
Vanbnrfi Cwreocy Frt.DlL9 Dill I 9L33 

S. 6. Warburg & Co. Ltd. 

30, Grethm Street, EC2. ' 


Eneray tall April 24 ..( USSZ9X* 
MmrartxL »reti24..tel282 129 
Mere. Mnr. Aunt 13..|7 

Select Rk. March 16 -ll 


01-6004555 ! 

621 i 



Warburg Invest Mngt Jrsy. LbL 
7 Library Place, Sl Helier, Jsy- Cl 053437217 

Merc. Coin. April lft-il ~ 

tort. FarTu. Am 14.fi 

Meub Tsl a«xu 1 

SMT Ltd. April 8 ll 

Merc. Tran. Aral 13.fi 

Whrdlejr Investment Services Ud, 

4th Floor, Hutchison House. Hang Kong 
WSriSer Trusts™ — IHKSN.4B 25.7 
Wrefley N1U0 As. F.i.USa.93 37J 
Vtetfley Bond Tns"[uS9i2 97 
Wretfley Japan Trust. lUSSHJB 1467 

World Wide Growfit Management^ 

WK B ouevanf Royrf, luxentourg 

Worirfrfde Gdt Fd USS1136 I J — 

hre. A dr.- M. 1 G. Inu. UngL, Ud. Mndm. 


Northgate Unit TsL Mngrs. (Jersey) 

PaBm8ftSLfWiw.Jfn«». 05347374L Wren Comtnosfty Mmagement LbL .) 
pacific FUApm 7 — I — USSUJItj .._J — ID. Sl Cwrjv'i St^, D&igu-. loM 063425015 a 

6J0 


Pacific Basin Fond 

10a Borfeard Royal. Lmenbourg. 


lotemtfrenai Mis- 

fired licerest _ — ln*4 
IndrxUrfeft- 
Cash 

taVOT Manxgra ^ 
PcnsxM Property — 
Ptotsaxi Ecnty- 
Prawoo KL, 

PnUaaFr± lit 

Peasxn tetot UH-:.— 
rJ3 


Dealing at 


B.LA. Bond InwsJmetrts AG 

1C. Saarerttrxse CH6301, Zug, Switzerland 

Bearer ShL tar 22._|10,165 UftTOOf - 

Bank of America International SJL 
35 Borfevaro Royal, Lurentnuro G.D. 

2974 


Cartmore Invest. Ltd. Ldn. Agts. 

2, SL Mary Axe, Ureton, EC3- 01-2833531 

Certmarc Frerf Managers (C.IJ Ud- (xl IM _ 

wnaatrriBssvitP" 


inv. Acta. M. 


I USS1A.44 J .-.J _ 

& G. inv, Mngt. LM, tendon. 


KotChiM Hse, 

sate 

N. American SL 

tall. Bond Fuad | 

. MOM) (*• 

Pa Sox 32 Doaghs, Ide of Man Teb0tt!2MH imii . rmi „ 

ssssssagfei» 



Phoenix International 
PO Bov 77, SL Peter Port, Guem. 
Inter- Dollar Fuad — BJK l . ? 
Far East Fund*- 
InU. Ctremcy Fmd... 

Dollar Fxd- lift Fund. 

. Ser. Exempt GMc Fd. 


PreektosMctal Find. 190.7 1973 -tU 

teGW'dCmdy.Fa.- 458 47.U -tt2 

FnaicUd taxes FtL _ 1 Wl2 1073- 

Wren ImL Fnd. ■ ]LCSL9G. 0.961 


048126741 



Pruvfdencg Capitol Life Ass. (C.l.) 

PO Box 123, St Peter Port, Giwneey 0481 36726,9 
Starring grind Fd.. — I 

iKSLoa 

JUSSI 06 

Aprd 14, Next deofiog Aprd ZL 


NOTES .1 

Pnces are In pence unless otherwise Inrfeated. ! 

YietaB *># isnounin lost cofexwi) pOout for aH buying J 
_ a OfTcred prices incfcxfc aP eapenan. ; 
b Today's pnces. c YKfd based mi offer price. ; 
d EsaanuctL g Today's . epewna price, j 
b Drdnbutirin free of UK Owes, p Periodic j 
premium im u ron o e plas. % Single premu a a 1 
msmneo. x Offered price itadudtf aa expenses 
exc«4 agent's aanmnuon. y Offered price mefadec ; 
all etperees if bought through nauDereZ Previous, 
day's mice- f Guernsey gros. * Suspended. • 
4- Weld beftre Jeney rat. t Ex-aobrfvUon. : 
it Only auainMe la duriuhle oodlat. 









Ill 


Hr;-!' ".'A- ' ■: ' ' CO WSBIBH T 

ivf: *x. cow ssre n’GQHSsreiT 

v* t - cohsstwt consistent comsistbit 

(. .[■ • . CONSglBn - CO NSISTEN T CONSISTENT 

& J CONSISTENT CONS6TBU CONS6TENT 


That's BTR 


T 




LOANS— Continued 

■ 198? f *- v. I Wit |+ «| 

High uw | «•(* I £ • 1 - I 

•*"'* Financial 


BANKS .& H.P.— Cont- I CHEMICALS, PLASTICS— ConL I - ENGINEERING— Continued 


19B2 . 
Wgfc Cm 


Wet M £ |r*r|S!| 


15.37 

14.00 72S 
1457 *» 
1420 

1425 S67>* 

15.00 630 
14.85 42 
15.03 


IP 







3 


a 


.44 

.« [ 35 
51 102i* 
47 I 63 

I 95 

721* 
„ 250 
■S I 77 



C 

TV 

& 


w 




1962 

Hgft U * 


M £ |c*[5!|we 


wo . 

HUr- irr 


fit- | 1*5 

m rwfBrtf 


rt?awry9%pc lWtt 


rtr 





I 

1 


s 


16 s * 

»% 

251, 

S' 

177p 

2& 

12V 
141* 

14% 

12%|CrOwnZell.S5_ 
335p IDamujnOil USS0.4 
IS 

m 

1412 

57 2p IFm. Carp. America 
feSflpJ First Chicago S5. 
10*4 
SOOp 
14% 

29% 


KM 





27. lYariuChenK 


26 

a 121 
36. 29 
331' 26 
£12* BS 
167 134 
64 35 

138 
43 
9 

20 

47 38 

160 118 
105 90 

188 130 
40 33 {Cantors 'A' 2Qp 

30 2S {Casket (S.) lOp 

180 172 
39 34 

128 102 
192 
74 
206 


98 77 

185 155 

25% 21% 

92 68 

IS 7 
52 44 

27 IB 
116 109 
67 50 

146 114 
54 45 

58 


Corned Dms5p. 
Courts ‘A' 


23 
114 
530 
525 
Z7 
139 
£1C 

118 1 150 
tS|lll7 
57 


86 
115 
8 2 


4.8 am 

3.7 10.8 9b- 

7.1 4.9 W 

2.1 (2171 S H 


3^5.4 48 40 

4* *£ *65 
55 5Q 30 



§ 








■Ml 


SL96 
S184 
2 S1.96 
2 15c 

14 SL80 
>■ £2.08 j 
% SL90 
496 
£1.12 
44c 
96c 


15 

, 283 00 

i.- 5 22 20 

2-| 94 73 

8-8 fcfc 58 
^ 62 42 

M 125 l£ 
9 0 550 438 
f-4 172 142 

K 33 31 

4.4 
4.4 

1 1 980 615 
225 1W 
48 341 

2- 9 83 60 

H 31 22 

: 3 3 
3:5 £ “ 

II 

&-5 87 

' J» tt 


158 136 
22 20 

40 10s 92 

2? 64 53 

in? 22 17 

108 92 

0 S 

$ Jo 


FaircloughCons. 
Frt. IntLlOp- 


II 


JrtnonesPK.lfe - 


L40 
% 
70 
77 

3 9 | 66 
3J S' 
2.9 51 


ter Alien It.. | 305 


4 TALE OF A LUGGY BONNET 



i« 
198 
141, 121| 
90 70 

187 151 
£77% CM) 
123 103 
195 156 
44 40 

135 89 

97 79 

180 134 
44 35 


29 
48Z 
580 500 
347 290 
178 160 
36 20 

570 510 
61 50 


185 168 
55 46 



? 




I 

it 






TP 


BriL. Steam 
BraddnuSr 


t 

? 

i 


0.65 OJ 
42 3.1 

335 5: 

415 « 

t3.9 li 
525 
L0 
4.12 
tl25 
1125 
05 
u3.6 

ffl* 

*5.6 Z 
14 8 * 

15 1 

3.79 li 
h3.0 
<53.0 4.- 



5JB \ Z 



INDUSTRIALS (Miscet.) 



IBS {Owen Owen — 185 
32 paradise (BJlOp. 32 
69 Pctre Stores 1Q». 69 
328 Potty Pedc5p_. 333 
57 Pmdy<Alfr«n 60 


73 21% 
i.91 82 

12) 13 

41 18 

55 122. 
63 12% 
65 182 
<6 129 


Wl 281? 

5.8 


148 {SwthW.H.'ft 
96 Isoaic Sound 
46 
51 
25 
35 

40 iTem-Omsuiate. 



* 

15 

227 

16 12 

77 65 

28 23 

119% 99 
34 27 

152 132 
186 
1S% 1211* 
225 B97 
167 155 
223 Il98 



fFS 


I 


220 
216 
13 
70 
175 

£70 
120 
190 
41 

135 r-3 «.7 * 

87 5.0 * 

178 56 2. 

36 18 4 

40 1 75 0. 

53 

24 .... 

464 -4 

505 -Z0 
325 


ylN ANECDOTE related to # 

jTx us by our shooting acquaintances comes to mind* * 

At the end of the days sport, gamekeeper Jimmy * :f> : 

Jamieson was observed waiting patiently among the ■" ^ 
party, his deerstalkers flaps still tied across the top of his K 
Iiead, his ears an exuberant blue with the Grampian cold* ^ 
“Why re ye standing in the wind mtk your bonnet 
not over your ears, Jimmy?” a friend inquired. 

•: U I ha’na worn my bonnet since "the disaster i " . .’/■ 
v v *Wia£ disaster, Jimmy?” 

■ • * "The disaster when the Laird offered me a dram of 
The Macallan, and I didna hear him. 9 .... . ; ■ ^ 

. Such is the very stuff of Testimonials. ' 

h ; ; THE 1VL\C ALLAN. THE MALT. 

IKTRIW 7TED IN’ YJSMJSV K VAUiS W M VnilKWH-VKK & 7' 'NS l.l l». W 1.' ■M»«N WW •«)«. 


m 


K 


'i 


87 WW*pEUZi«. no 
16 WeUcoHhKSp 161; 
36 WyaSetedZOp. 38 

102 whifiwjitha. 5 no 

188 Wlnde Fulfil 210 

120 Wigtall [H j m 




B»rtHWm.)£l 

BanbeylOp— 


80 5J 

1Z0 Lfl 5J 



Utri. Eng-g lOp 







ifSt 


28 
45 
69 
265 
57 
13 
8 

307 - 
100 • 

126 
84 
120 

82 
9CO 
28 
9 

£19% 

10% 

168 
.91 

56-1 57 
155 130 
£16 02% 
86 ! 72 
16 
96 



16 

270 |227 


39* 173 
48 38 

107 89 

300 250 


0.75 
0.75 
7.5 
*3.11 
t4B 

14.0 | * | 7JH * 


2 

1 

TP 


i 


Morthfrn Foods [ 156 
NutUn PV lOp 1 148 
12 
83 
SI 
57 




n 


tr 





1 



WIT* 


m 


iDgaHIndklOii 


Ir7i.il 
































































































































































































] NOU STRI A Continued 



r a*. 

1 jru 

/ r .l 

! Met 

jrnj fir's 


sirran 

lie 



37 
£134 
188 -1270- 
190 132 
130 109 

n I isb 

u 

25 

£132 
229 


41 
23 

INu^wH15d : 


u 

«|140.. 

’ * S 



24 
27 
5J 
57 
40.7 3.1 

tlOJJ7l L7 
8.75 



£ 


MOTORS/ AIRCRAFT TRADES 

Motors and Cycles 

20 ' l 14 (B.LSOo. I 17 I I - 1—1 -l- 





I 


Prtrooanieii) 
PWfflps Patents 
Photo- Me 5Cb 



17 12b 

*113 86 

^ > 8 - 

162 ll 

g? » 


227 
271 
140 
If 
IBS 
176 

3 . 

iS 

113 
372 
» 

20 

1 i 

95 
100 
36 

102 b 

102 92 

1 a 
>& 

*8. i 




ftaf*bUm.SFm. 
Pros.HW 9 . 6 lov 
Prop. ParlHup. 


Rasta Pritt Ip 



F U.C.I.I (R025) 
Futerom Inc..... 
Do. C^p-^jp- 
Fundi mest Inc.... 




Components 


SHIPPING 




376 

230 

125 
30B 
285 
187 
68 
178 
B7 

149 b 
156 
138 
194 
210 
87 
110 
122 
93 
138 
156 
81V 
114 
292 
13 
26 
144 

* I IS® 

* 79 72 

“ 44b 40 

I 66 4b 
14)> ll 
224 Il92 
158 
75 
166 
£17 
42 
57 


m 


163 
89 
110 

harW*aliSp..| 42 
74W 


SHOES AND LEATHERS 





? 3 


16.55 
oesci- 
532 14 



SlKFurniiur* 


I 


7J 
79 
29 
49 
41 
21 
3 

— I 90 81 

4.4 119 95 

* 33 301, 

V * 60 40 

34lj 30b 
73 54b 

120 " 
59 

1 12 
a 


6 « 
“ ■- 

55 “5 
85 
218 
248 
193 
408 
. 97 
96 
160 
243 
63~ 


Nttam David 5p 


17 




71 

€ 

’S 

60 

605 

Hit 

19 . 
171 

S' 

104 
36 
4b 

ward {T. W.J...I 228 
Waterford So - I 18 
450 
69 
81b 
175 
56 
238 
69 
54 

20 

I 12 

nunacu-- a 

Us (£***1-1 HQ 
377 
W 
201 
230 
90 


Vri 


I 


80 
83 

- I « 

(S>1)| 64 
53 

— I 64 


« 185 

* 437 

*? Ji 

Z 875 
230 

— 212 
900 
175 


9J 282 
73 

2.7 44 

— 84 

"I 

:s & 

i a 66 58 

& 5? & 

ss#f 





is» 


i 


I 


n|i 

R 


AuH&WU»ro 


Beit. Printing. 



Clay(RJcWrd) 




*J) 122 

* 30 

if. 30b 24 

W-J 44 38 

“ 82 71 

59 41 

22b 18 
16 72 

24 19 

86 65 

88 69 

■ 37 29 

79 71 

S, 5 
101 
52 
29 
174 

8 

32 

24 
79 

25 

«■ 

£■ 

65 
2B 

* 


m 




■mlfc 






WE 

pan 

8.6 



a fully integrated banking service 

DAIWA ^ 
BANK 

Hod Office: Osaka. Japan 
London Branch: Tel. (01)588-0341 
Frartkfurt Branch; Tel. (06111 55 02 31 


M 1 N ES — Continued 

Central African 




u. 


riBannRei.il 
rfcMtrol 




$ 


7-5) 98 

- 42 

- 450 

- 330 

8.4 200 
4 110 
4 110 

85 
255 


Gold & Bau 12bp 
GopengCons. — 


1 


JlExplaura GoW 
Kighwood Res. - 
Northgaie CS1 _ 


SPLIT Cap 


TOBACCOS 


440 1343 iBATInds- 


1 ‘■I- 'vl ; 


|Rotnma» 12 ijp 


2 ? 


TRUSTS, FINANCE/ LAND 
Investment Trusts 


it t 



j|§ 


NMT.lOp. 

tat&eHfc. 


s 


:.u 
;• W 

, »» 

> ’ 76 
' 54 
132 
63 


BcvOW.M.V 



FjnwvrEja.5£b 







m 



m 


245 
230 
395 
42 I 378 
9.4 148 
14.7 I 293 
'240 


5.91 — 
133 - 
3.6 16.D 





Unless otherwise imtteateL prices and net dividends are in pence and 
deoomlaa ions are 25p. Estimated priee/earaings ratios andcovereare 
based on lauct anmai reports and accounts and. where possible, are 
updated on toff-yearly figures. P/E s are cafcnbted on ‘■net” 
dosnbotkm basis, eandngs per dwt being computed on profit after 
taxation and unrelieved ACT where applicable; bracketed figures 
Indicate 10 per cent or more difference if calculated on “nil™ 
duxntuion. Covers are based on “maxiiman" distribution; Ibis 
compares gross dividend casts to profit after taxation, excluding 
exceptional profits; losses but including estimated extent of offsettable 
ACT. Yields arc based on middle prices, are gross, adjusted to ACT of 
30 per cent and allow for value of declared distribution and rHdXs. 

* “Tap" Slack. 

* Highs and Lows maricedtiiB Haw been adjusted to allow for rights 
issues for cash. 

~t Interim since increased or rosmed. 
t Interim since reduced, passed or deferred, 
tf Tax-free to non-residents op application. 

* Figures or report awaited 

1 USU; rot listed on Stock Exchange and company not subjected to 
same degree of regubimn as luted securities. 

« Dealt In under Rule 163(3). 

* Price at time of suspension. 

9 Indicated dividend after pending scrip and/or rights issue: cover 
relates to pm mas dividend or forecast. 

4 Merger bid or reor jjmhtninn in prowess. 

4 Not comparable. 

* Same interim: reduced final aod/pr reduced eandngs uxftcMed. 

» Forecast dividend; cover oa earnings updated by latest Interim 

statement. 

t • Cover allows for conversion of shares not now ranking for divideixft 
or ranking ody for restricted dividend. 

2 Cover does not allow tor shares which map also tank tor dividend at 
a future date. No P/E ratio usually provided. 

0 No par nine 

$6 YWd based on asHnptiori Treasury Bill Rate stays unchanged until 
maturity of stock, a Tax free. 6 Figures based on prospectus or other 
official estimate, c Cents, d Dividend rate paid or payable on part of 
capital cover based on d ividend on full capital, e Redemption yield, 
f Flat yield, g Assumed dividend and yield, h Assumed dividend and 
yield after scrip issue, j Payment from capital sources, k Kenya, 
m Interim higher IKUl previous total, n Rights bsup pending. 
0 Eandngs based on prefimjnary figures.* Driidesm and dtNwtMei 
serial payment, t Indicated dividend: cover retain lo previous 
dividend, p/E ratio based on latest annual earrings, u Forecast 
dividend: cover based on previous year's earnings.* Tax free up to 30p 
inthet.x Drddend cover in excess oflOO times, y Dividend and yield 
based on mcvgerteruM. zlMdendaiW yield indudr a special payment: 
Cover does not apply to special payment. A Net dividend and yield. 

B Preference dmdend passed or deferred. C Canadian. E Minimum 
tender price. F Dividend and yield based oa prospectus or other 
official estimates lor 1983-80. G Assumed dividend and yiirid after 
pending scrip and/or rights issue. H Dividend and yield based on 
prospectus or other official estimates for 1982. K Figures cased on 
prospectus or other official estimates for 7981-82. M Dividend and 
yield based on prospectus or other official estimate* for 7983. 

N Dividend and yield based on prospectus or Other official estimates 
forlWZiBa. P Figures based oa wospectusor other offidat estimates 
lor 1982. B Gross. T Fibres assumed. Z DnridenJ ratal to date. 
Abbreviations: ri ex dividend: s ex scrip issue; x ex ntf*; si ex 
all: dl ex capital thsiriOuuon. 



144 
1 81 
1*2 
IBS 
194 

Itoi 4 

3 2 

5Z l 29 
2S6 
82 ] 75 
W I 72 
95 



I 


91 
64 
W 
3D 
75 
06 lErs. 



201 61 
. 11 Sj 
1825 } 33 4i 
4875 36 3. 
Q56J} 17 3. 
0420 o 3J 


Free State Dev. 50r 
F-S.Gedutfl 50c -. 


Pres. Brand 50c 
Pres. Steyn 50c 
St. Helena 


F.l 



136 
26 
£5 205 
3 -0 I 365 
72 
3 2 


1 


-Recent Imucs" and -Rights- Page 36 


This service is anBabtf to emj Company dgaK In on Stack 
Exdangu ttnu^rant the IMted Kingdom for a fee at £600 
per aisnom far each seewify 






































































































































































































ws 

the active lenders 

TCBI^Ccnmr?Hcwsc,BdgiuotiKN13FX. 
Telephone; 027J-235LL 


FINANCIAL TIMES 



Friday April 16 1982 


BELL 

SCOTCH WHISKY 

BELLS 


Treasury ready to sign blank 
cheque for Falkland operation 


r A 

ft 


By MAX WILKINSON. ECONOMICS 'CORRESPONDENT 


THE TREASURY yesterday As- 
dosed that it has agreed to sign 
a blank cheque for the cost of 
the Fatidands operation. 

Ur Leon Brittan. Chief Secre- 
tary to the Treasury, told a con- 
ference of businessmen in 
Oxford: “There is no cash ceil- 
ing on the cost of the operation. 
The needs of the task force must 
and wiH come first/’ 

However. Mr Brittan added 
that there would be no question 
of breaching the Government's 
economic strategy to pay for 
operation. 

He was no doubt intending 
to reassure the financial mar- 
kets that the Government would 
not resort to inflationary finance 


Financial 
Weekly sold 
to Maxwell 

By Ray Maughan 

MR ROBERT MAXWELL, 
chairman of Pergamon Press 
and chief executive of British 
Printing and Communications 
Corporation, has stepped in to 
save Fleet Holdings' special 
publication. Financial Weekly, 
from threatened closure. 

The magazine will appear 
again on Friday April 23. 

Fleet Holdings announced 
earlier this month that the 
publication would fold before 
Easter. 

However, a consortium of the 
staff, headed by Mr Ray Heath, 
the City editor, and Mr Tom 
Uoyd, news editor, approached 
Henry Ansbacher, the merchant 
bank, with a view to a buy-out. 

Mr Maxwell said yesterday 
that the bank approached him 
in turn and he decided to buy 
the paper for a sum “not 
material enough to mention.'' 

He bad been* deeply impressed 
by the quality of the journalists 
and by the fact that they were 
committing £50,000 of their 
nine months’ redundancy en- 
titlement from Fleet to take a 
24.9 per cent holding in the 
publication. 

The Financial Weekly is 
understood to have been losing 
more than £Lm a year under 
Fleet’s management, but Mr 
Maxwell was confident that “we 
shall break even this calendar 
year and make a profit in 1983.” 

A key factor, he stressed, 
would be elimination of a con- 
trolled, or free, circulation to 
60,000 accountants since amal- 
gamation last year with Accoun- 
tants’ Weekly. 

Financial Weekly has a paid- 
for circulation of about 17,000. 

The chairman of Financial 
Weekly is to be Mr Ron Hobbs, 
recruited earlier this month 
from the Longman Group to be 
joint managing director of Per- 
gamon Press. 

Mr Heath will join the board, 
and be appointed editor to 
replace Mr Stephen Hugh-Jones. 
Mr Lloyd will also join the 
board and act as temporary 
commercial manager. 

The paper’s editorial, adver- 
tising and distribution depart- 
ments will remain at the 
Holbom offices for the time 
being, before moving to 
Maxwell House an Worship 
Street. 


if a protracted naval operation 
should threaten to boast the 
defence budget 1 

He cautioned that, at- present, 
the extra cost of sending the 
task force on its mission repre- 
sented a very small proportion 
of the £14bn allocated for 
defence this year. 

Moreover, the extra cost of 
the operation bad to be calcu- 
lated only as expenditure addi- 
tional -to the. cost of tasks to 
which the force would have been 
assigned otherwise. 

Mr Brittan said: “There is, 
therefore, no cash or budegtery 
problem immediately in pro- 
spect" 

He vigorously defended the 


Government’s record in main- 
taining an/ i strengthening the 
armed forces. 

“Far from cutting defence 
spending, we have actually 
increased it frdm the level of 
£7.5bn in cash which we 
inherited In 1978-79 to £14bn 
today,” he said. “This cash 
increase of over 85 per cent 
represents a real increase of 
about 11 per cent." 

Tbis year, there would be a 
significant real increase in 
spending on conventional naval 
forces compared with the year 
before the Government took 
office. Even when the expendi- 
ture on modernising the Trident 
nuclear deterrent was at its 


peak, real spending on the con- 
ventional navy would be higher 
than in 1978-79. 

The Government had been 
criticised for the plan to get. 
rid of the aircraft carriers 
Invincible and Hermes, bat Mr 
Brittan said: “The significant 
feature of our defence policy 
today is that the current pro- 
grammes of modernisation and 
rebuilding will actually leave 
us with more major ships and 
submarines operational in 1985 
than there are today." 

This was a direct result of 
the Government's decision to 
give defence increased spend- 
ing priori ty. 

Falkland’s package Page 4 ~ 
Feature Page 19 


Continued from Page 1 

Nigeria oil 

of the United Arab Emirates, 
will chair the meeting. It will 
be attended by oil ministers 
of Algeria, Indonesia and 
Venezuela. 

The meeting is due to take 
place amid reports of further 
downward pressure on O pec’s 
834 per barrel benchmark price. 
A Kuwaiti newspaper has 
reported . that several Opec 
members, including Kuwait, arc 
selling at prices well below the 
benchmark. 

Iran, which has defied the 
Opec pricing accord, is offering 
its oil at between S25 and S27 
per barrel, according to oil com- 
panies and diplomats in Tehran. 

Sheikh Yamani. the Saudi 
Arabian Oil Minister, has said 
repeatedly that his country is 
prepared to reduce production 
to defend the $34 reference 
price. 


Go-ahead for revolutionary 
N. Sea oil output system 


Continued from Page 1 

Argentina 

"day refused to confirm reports 
that at least part of Argentina's 
main naval fleet, at the Puerto 
Belgrano naval base, had .set 
sail after being recalled to port 
at the end of last week. 

As a possible confrontation 
approaches the Argentine 
Ministry of Defence has 
tightened secrecy over military 
movements. 

Local Press reports say a 
renewed airlift Is under way 
from the main supply bases of 
Rio Gallegos and Comodoro 
Rivadavia. 


BY RAY DAFTER, ENERGY EDITOR 

SHELL AND ESSO have been [~— 
given Government approval for n 
a revolutionary development l! 
system for their Central Cor- b 
morant oil discovery in the — t 
North Sea. . j 

Under the £365m project the 
two companies will use a pro- J 
duetkm system, placed on the rt 
seabed, to exploit reserves 
worth almost £2bn at present L 
prices. 

The Department of Energy ^ 
has given the companies special iS 
development concessions which )| 
will partially exempt the pro- ■ r‘« 
ject from production restrictions 
under any future North Sea ~A- 
depletion policy. L_* 

Shell, as operator for the de- 
velopment, said that it had not T1 
received all of the exemptions syst< 
it sought Und 

“ But the Department did give 172 
us sufficient scope to test the ^ 
installation at maximum pro- s j^ 
duction, in view of the research e ^ c j 
and development implications s ^ e ] 
of the project.” on g 

Central Cormorant which is M 
part of Shell-Esso’s Cormorant 
complex of fitids about 100 
miles east of the Shetland p. 
Islands, has about 110m barrels “ 
of recoverable oil to be ex- 
tracted in the next 25 years. 
Production, at up to 50,000 bar- 
rels a day, is due to begin in. w>n 
the summer of next year. Ui 


BUSTWG 

=S 




Shetland* 

TT# 


1 ^arn s 

A, 

He *; fr Sfiatl.bnt 


[«■»/" 1? 


c.***!^™ U33- 

IL .« ) . . 


The heart of the production 
system will be a 2,200-tonne 
Underwater Manifold Centre, 
172 ft long and 50 ft high. 

This, based on an Esso de- 
sign, will be controlled by an 
electro-hydraulic system from 
Shell-Esso’s production platform 
on South Cormorant. 

Maintenance, 490 ft below the 
surface, will be by a remote- 
controlled vehicle. 

Shell applied for develop- 
ment consent in the form of a 
revision to the production 
agreement covering South 
Cormorant 

Under the normal terms of 


development approval SheH and 
Esso would have become vul- 
nerable to any Government 
depletion controls from the end 
of 1983, four years from the 
start of South Cormorant 
production. 

In view of the unique nature 
of the Underwater Manifold 
Centre, which will be used as 
a test bed for further under- 
water production systems. Shell 
asked for Central Cormorant to 
be exempt from depletion cuts. 
It is understood that the Energy 
Department compromised and 
provided an exemption until 
June 1985. 

Under the development con- 
sent, Shell and Esso can drill 
nine production wells in 
Central Cormorant It is 
expected that five of these will 
be drilled through the Manifold- 
Centre and the remainder be 
satellite linked to the unit 

The system, which should be 
Installed this year, was built 
near Rotterdam by the 
Bollandse C-onstruotie Groep. 
which also carried out detailed 
design work. 

Conceptual design was by 
Vickers Offshore. TRW Subsea 
Petroleum Systems worked on 
the detailed control system. 

The first flow lines for 
Central Cormorant are due to 
be laid in the next few months. 


UK living standards one-third 
lower than in U.S., says OECD 


BY MAX WILKINSON, ECONOMICS CORRESPOND HMT 


LIVING standards in Britain 
rank tenth among 15 of the 
world’s largest industrial coun- 
tries and are about two-thirds 
as high as those in the U.S., ac- 
cording to the latest survey pub- 
lished by the Organisation for 
Economic Co-operation and De- 
velopment (OECD). 

The comparisons, made on 
a relatively new basis which 
attempts to iron crut distortions 
arising from exchange rate 
fluctuations suggest that the 
difference in living standards 
between the richest and the 
poorest countries in the 
sample is less than is often 
supposed. 

The survey of 15 selected 
countries is based on so-called 
“purchasing power parities"— 
an index obtained by valuing a 
“ basket " of 1.300 specific 
goods and services in local 
currencies and expressing the 
result in terms erf a common 
standard. 

This survey, for 1980, puts the 
living standards in the U.S. as 
the highest in the sample of 15 
countries, which does not. how- 
ever, include Sweden. Living 


standards were measured at 
total national income divided by 
the number of inhabitants and 
converted into a common cur- 
rency through the purchasing 
power parity index. 

Standards in the U.S. were 
shown as about three times 
those in Portugal, the poorest 
country in the sample. 

The latest method of measur- 
ing living standards is claimed 
to be more reliable than the 
more usual calculation based on 
exchange rates. On the exchange 
rate basis, U.S. living standards 
ranked only seventh among the 
15 countries, with West Ger- 
many on top. 

On this basis the gap between 
rich and poor appeared to be 
wider, with living standards in 
West Germany 51 times those 
in Portugal. 

The OECD has also provided 
some more detailed information 
about the patterns of consump- 
tion in 24 member countries. 
They show that in 1979 the UK 
had the highest number of 
television sets in proportion to 
its population, outside North 
America, with 394 sets per 1,000 


Suzuki picked to partner 
Indian state car company 


BYK.K. SHARMA IN NEW DELHI 


SUZUKI MOTOR of Japan has 
been chosen by the Indian. 
Government to collaborate with 
state-owned Maruti Udyog to 
make small cars and other 
vehicles. 

The two companies will invest 
Rs 2.5bn (£152m) in the pro- 
ject, marking the first big 
foreign investment in as Indian 
heavy industrial undertaking 
for more than a decade. 

The award ol the contract to 
Suzuki ends a 10-year search 
for a foreign partner for Maruti, 
which has never produced a car 
and which was founded by the 
late Sanjay Gandhi, son of Mrs 
Indira Gandhi, the Indian Prime 
Minister. 

The company was nationalised 
two years ago when on the 
verge of liquidation. 

The search for a foreign 
partner attracted nearly 12 
vehicle-makers, including BL, 
Renault and Nissan, . 


Suzuki found favour because 
it offered to take a 25 per cent 
equity stake in Maruti and to 
market the new car eventually 
through its global network. 

The Japanese company will 
transfer its latest technology 
for the manufacture of cars, 
eight-seater * micro-buses and 
pick-up tracks with & pay load 
of about 600 kg. 

Maruti hopes to begin com- 
mercial production by the end 
of next year and to make 20,000 
vehicles in 1984. It hopes to 
achieve an animal capacity of 
100.000 vehicles by 1988. 

The small domestic car mar- 
ket, which is closed to imports, 
is served by two local manu- 
facturers, Hindusthan Motors of 
Calcutta and Premier Auto- 
mobiles of Bombay. Both com- 
panies make cars based on 
foreign designs more than 
20 years- old. Together they 
produced 30,538 cars in 1980- 


inhabitants. The comparable 
figure for the U.S. was 635, for 
Japan 245, and for France 292. 

But Britain is a long way 
down in respect of having a 
telephone or eating protein. The 
number of phones per 1,000 
inhabitants in the UK was 477, 
the 12th highest out of the 24 
countries and in equal place 
with Iceland. 

There were nearly S00 tele- 
phones per 1.000 people in the 
U.5L, 464 in West Germany and 
only 39 in Turkey, -the country 
with the lowest population. 

The OECD figures also 
showed that gross fixed capital 
formation in the UK in 1980 
was (be smallest as a proportion 
of output of any of the 24 
countries except New Zealand. 
But investment in machinery 
and equipment in the? UK as a 
proportion of output was 9.2 
per cent which compared 
favourably with the figures for 
most other countries. 

.1 France investment In 
machinery and equipment was 
also 9.2 per cent of output 
(1979) while in Wset Germany 
it was 3.9. 


Continued from Page 1 

UK output 

chemicals, coal and petroleum 
products sector, and in the 
engineering industry, increased 
by about 2 per cent in. February 
over January, while the food, 
drink _ and tobacco sector in- 
creased its output by S per cent 

In spite of these impurove- 
meats, the recent trend remains 
downwards in all these sectors, 
except engineering. 

However, the investment 
goods industries have shown a 
consistent, though rather slow, 
recovery throughout the past 
12 months, with output 44 per 
cent higher fa February than it 
had been a year earlier. 

After adjustments for flows , 
of goods into and otlt of. stocks, 
the figures for totai production 
show a mild recovery between 
the first and third quarters erf 
last year, and only a vecy slight 
improvement in the final 
quarter. Escchafiog North Sea , 
.ofl operations, output fell , 
siighWy in fhe fourth' quarter 
over the third. 


Stewards 
urge Massey 
strikers 
to stay out 

By Arthur Smith, Midlands 

Correspondent 

SHOP STEWARDS at Massey- 
Ferguson’s Coventry tractor 
plant voted unanimously yes- 
terday to urged the 3,300 
manual workers to continue 
their strike, in spite of repeated 
management- warnings - of a 
threat to the company’s future. 

The Canadian multinational 
seems to have placed its hopes 
for an end to the union 
blockade of its biggest tractor 
factory on workers overturning 
the militant lead of their shop 
stewards... 

: A meeting of workers called 
for today will provide a key 
test in what has become a pro- 
tracted and bitter dispute. 

The main hope of defusing 
the damaging confrontation 
rest ecTofr the formal talks last 
night between management and 
shop stewards on redundancies. 

Workers walked out more 
than two weeks ago in protest 
a gainst tbe decision to dismiss 
170 to complete a programme of 
725 redundancies considered 
necessary to make the plant 
internationally competitive. 

‘The number of jobs now at 
issue because of the volunteers 
who have left since the strike 
began is down to about 30," 
Mr George Getievog, Coventry 
district organises' of the Trans- 
port aid General Workers' 
Union, said last night 

“Such a figure is negotiable 
and could be resolved around 
the conference table. Bat re- 
dundancies are no longer the 
issue. The company is now 
intent open smashing the trade 
union movement within tbe 
Coventry plant." 

He maintained that the com- 
pany was copying the (tactics of 
Sir Michael Edwardes, BL chair- 
man, by seeking a blank cheque 
for radical new changes in work 
practices. Workers bad already 
co-operated to achieve signifi- 
cant productivity advances, he 
said. 

Mr Cetievog said Massey- 
Ferguson had “seriously mis- 
judged the strength of feeling 
on the shop floor.” 

The situation was aggravated 
by the company's decision to 
“ bypass the trade unions ” and 
organise a secret ballot of the 
workforce through the Electoral 
Reform Society: 

The unions are confident that 
workers will obey instructions 
to boycott the ballot, due to 
dose tomorrow. 

The company can take some 
satisfaction that its iniative may 
have helped to force today’s 
meeting, which it dearly 
believes offers a -chance to end 
the dispute. 

The company, following 
advice from Coventry police, 
pttHed back from action on the 
controversial issue of rega inin g 
possession • of the Coventry 
factory. 

Pickets have barricaded the 
gates and prevented entry to 
7QQ staff. 


| Weather | 


DRY AND warm with sunny 
periods after early fog. Out- 
breaks of- rain in the North 
later. 

London. S. Central, W, and N.W. 

England, Wales 
Dry sunny periods, early fog 
patches. Max. 14 C to 15C 
(57F to 50F). 

NJEL England. Central and S. 

Scotland and. N. Ireland 
Sunny intervals at first becom- 
ing cloudy with rain in places. 
Max. 11C (52F). 

Rest of Scotland 
Cloudy, outbreaks of rain 
becoming brighter and dry.' 
Max. 11C (52F). 

Outlook: Mainly dry with, sonny 
periods. Night frost in places. 


' WORLDWIDE - 


Yday 
midday 
"C *F| 
Ajaccio C 11 52 
Alfljan C 14 57 
Amscfm. S .12 54j 
Athena C 21 70 
Bahrain S 26 79 
Bofdna. F 15 59, 
Beirut S 21 70 
Bait Mi -IF 13 55 
Betfl/d. B 5 41, 
Barttfi F 11 52 1 
B*amtz S 10 50 
tenghm. S 15 59 
Blacfcp). S 14 57 
Banlx. S 12 54 
BouJgn. 5 12 54 
Bristol F 15 59 
Urusoels S 12 54 
BudpaL C 8 45 
Cairo — — 

Cardiff S 15 59 
Cas’b'ca £ 19 66 
Cape T. — — 
Cbleagot — — 
Cologne -5 12 54 
Cpnhgn. S 9 48 
Corfu F 22 72 
Ow»wf — _ 
Dublin C 14 57. 
Dfarvnfc. S 23" 73 
Ednbffh, C H 57 
Fare S 19 68 
ftorenco R 8 46 
Fraftkfc 5 12 54 
Funchal F 19 66 
Geneva C 8 <8 
dbf&Zsr H 75 59 
Glasgow F IS 65 
G'msey S 10 60 
Hefafntt F 3 37 
H. Kona F 24 75 
Innsbrk. S 9 48 
invnm. CHE 
l.o.Man s n 62 

Istanbul C 21 70 
Jersey S 11 52 
Jta’burg F 32 73 
L. Pirns. F 19 66 
Lisbon 8 15 59 
Locarno C 9 48 
London. S 16 61 
C-Obudy. F — fair. 
t Noon GMT 


Y*day 

L. Ang.t S 12 54 
Luxmbg. S 10 50 
Luxor S 33 97 
Madrid S 12 54 
Majorca C 14 57 
Malaga C 15 S3 
Malta s 21 TO 
M’ctatr. S 14 57. 
Mefbna. — — , 

mx. c.r — — 
Miamit — - — - 
Milan C 10 50 
Mantri.t C 2 36 
Moscow C 5 41 
Munich — — , 
Nairobi C 2 77 
Naples F. 20 68 
Nassau — — 
Nwfert. S 14 57 

N Yorirt 

Nice B 11 52-, 
fhcastu S 23 73 
Oporto $ IS 61 
Osip F 10 50 
Pans 5 13 55 
Perth S 21- 70 
Prague . S 9 
Reykjvfc, R 5 41 
Rhodes S 23 73 
Rio J'ot — — . 
Rome R ifi 61 ! 
Salzbig. S 9 48 1 

S F’otet , 

■S. Moris ! 

Sngipr. C 28 82 
S’riagof — . — | 
Sitddtm. S 10 50 
Stmfeg. S 12 54 
Sydney — — ] 
Tangier C 18 B4 j 
Tel Aviv S 21 70 I 
Tenerife — . — 
Tokyo R 15 59 
Tromot S 0 32 
Tunis — — * 
Vdoncfrt F 16' 81 
Venice -S 13 65 
Wairntf — 9 -4S 
Warsaw F 10 50 
Zurich S IT 52 
R^— Rain. S— Sunn};. , 

tampeotwet. 



THE LEX COLUMN 




Sustained-dull winds from fee 
South Atlantic and higher 
dollar interest rates kept the 
London markets under pressure 
yesterday, while some invest- 
ment trust liquidations and the 
approaching end of an unhappy 
three-week account did not help. 
Both equities and gilt-edged 
tested the lowest levels of. last 
Tuesday. 

RTZ 

Some very poor results from 
Rio Tinto-Zinc operating com- 
panies, including a second half 
loss at CRA, bad braced the* 
market for a steep downturn 
in 1981 earnings. At £102.3m- 
after minorities, they are mar- 
ginally ahead of last month’s 
forecast and 34 per cent down, 
on last year. 

This is stiH no mean per- 
formance for an industry close 
to the trough, of , an exception- 
ally deep cycle: Low average 
production costs,- coupled with 
some tidy long term contracts, 
have kept copper production 
just in the. . black,' - while 
uranium and 4he ■industrial 
interests have held their own. 
But the star performer . has 
been RTZ Borax. The com- . 
bleed advantages of a weak 
pound, new product applica- 
tions and; a dominant world 
market share have left its 
earnings 50 per cent higher at 
£51.6m. 

The current year will show a 
substantial cash outflow, thanks 
to the recent acquisitions , and 
a capital spending budget of 
over £500m. But the Tunnel/ 
Ward' cement operations will 
comfortably cover their financ- 
ing costs and should begin to 
eat away at the UK. tax charge. 
The balance sheet is in good 
shape and tbe maintained divi- 
dend was covered 2.6 times by 
historic earnings, so a more 
liberal distribution policy may 
be on the horizon as soon as 
base metal prices pick up. In 
the meantime, the yield- is 5.6 
per cent at last night’s price of 
419p. 

Taylor Woodrow 

Taylor Woodrow’s perform- 
ance for the full year has proved 
as flat as that of the' first half. 
Pre-tax profits have emerged at 
£24.9m compared with £24Rm. 
In fact the underlying trend has 
been much healthier, since the 
little changed figure for 
associates — at £2.4an — con- 
tains a one-off loss of £4m in 
Trinidad. The company has re- 
covered this shortfall in its UK 
North-Sea energy related ser- 
vices and through a boost to 
Nigerian, earnings. Meanwhile, 
the loss at Blitman in the U.S. 


Index feU9.6to 544.8 



has been reduced and another 
£Lxn of lasses in 3980 have been 
eiiznlhated with the disposal oi 
. the Far .East timber business. • . 
• Tbe company- remains one of 
-the stronger contenders in the 
.'tough -UK contracting market, 
and profits here have more or 
less been maintained. Tire ex- 
pected decline in Middle- East 
profits with the run. down -of 
major. contracts has also been 
contained; the group has been 
bidding aggressively for ‘ con- 
tracts in the £20m-£50m range. 
House construction overall has 
held up, with -a strong perform- 
ance in North America counter- 
balancing a deterioration in the 
XJK A strong positive cadh 
flow, and comfortable- current 
cost cover have been factors 
persuading the Board that the 
special Diamond Jubilee payout 
in 1980 should be forever, so the 
Sip has been consolidated. Never- 
theless fhe shares fell 20p yefr 
terday to 505p, to produce a 
yield of 4.7 percent 

London Brick 

London Bride’s policy of 
using a cushion of stocks to 
maintain steady production 
levels through the cyclical peaks . 
and troughs took a hammering 
last year, ns the collapse in 
demand left poles of ^ unwanted. ■ 
bricks over half Bedfordshire. 
The company "has had to lower 
its Itmg-tenn. demand, 'project 
tions and within .the last year' 
has reduced production capacity 
by 3Q percent. So in. the second 
half of 1981 it has been able 
to go back to fiveday working 
and make a start on reducing 
stocks. With a price increase . 
that has stuck, pre-tax profits 
have emerged at £6.lm in the_ 
second half, to produce £11.2m 
for the full year, against £10-7m. 

.The strain of holding stocks 
of more than 500m bricks means 


that the noniaf ; net -Mb' 
position, of the group ; h as. been f 
transformed into qbe of net . 
debt Meanwhife, however, the 
company may deride "Stogy to- 
go ahead with the first stage.of 
a pew plant-~«Wti^-£2aiiVHe 
replace at : least some of . 
closed capacity. The - 

has been raised mevermetess, > 
and the sbares rose 1 Jp jester- ' 
day to 8?p, where thii yield ^ 
8.3 per cent. / 

Lonrfao ' 

Lonzho’s 15 per cent share- * 
holder Gulf Fisheries may hare 
done other holders, a good turn 
by kicking up a hiss abbot' ®e 
group’s proposed increase in 
borrowing limits from, twice to 
three times sareholders’ lands, 
incorporating associate , reserves 
into equity along the way. For . 
Ixmrtia’s latest circular east- j 
pletely fails to justify the pro- 


Since the ceiling is set ks a 
multiple of : shareholders’ fends 
rather than an -absolute figure, 
the fact /that it. has not been 
. revised for seven years is irrele- 
vant; and to call ffie, new limit 
M wholly appropriate tor a large 
modem/- international trading ! 
group ” does not -really mean 
anything. Lomho makes ffie 
print .that its 1 acquisition of 
. Kuehne pnd Nagfel increases.the 
need for working capital finance 
— but under" file -present lunifs 
it has a good £300m bf . bead- 
room. .. Of course, in a risky 
world, a big write-off could 
whittle this margin down. ' 

The.boast that profits before 
interest' and tax have risen 
from £98m to £157m to. four 
years is no justification- either; 
it might equally be said that 
retained earnings have fallen 
from £29m to £Sm. Stttt'Lohrfjo 
has managed to keep m equity 
base— end-- thus its- SMwfeg 
limit— movmg J ahead ' by 
property "• revaluations and by 
baying assets below book value 
and then crediting the ^ dif- 
ference to reserves. 

In ad appendix to the recent 
Monopolies Commission report 
on House- of Fraser. Lonrbo's , 
bankers Standard Chartered I 
Merchant' Bank remarked that | 
the . borrowings needed to 
aeqi "re frasbr were, in the con- 
text af Lobrho, “rot .inordin- 
ately targe." In the context of 
the ^.ptWished balance - sheet, 
perhaps nN; But press debtfas 
defined- in the articles of asso- 
ciation) last Septenfber -was 
more .. than three times the 
present market capitalisatiOB cf 
£185x0, and the proposed bor- 
rowing. limit would _be nearly 
eight times the company’s mar- 
ket value. , The ; yield do ' the 
shares is over , ifc pen- cent 



r 








The M4 has proved to be a magnet 
for high technology companies. So 
Swindon and Bristol are pooling some 
of the best resources in the country to 
create an exciting, new area for 
technology development. 

Our industrial advisers are now 
working togetherfo help you weigh 
up the advantages. 

Like the abriidance of premises, 
sites, and Hi Tkfr developments - 
sufficientfy distant from London to 
escape London prices. 

Superb communications by land 
sea and air. PientjfuLsupply of : 
people with technical and 
commercial skills. 


Finely tuned training and educations! 
facilities. Some of the U.K/S most. . ; . 
attractive town and country Jife'styles. 
And an established tradition for . 
making sophisticated companies feel 
at home. ■. ; •.-■» ■ •< r 

Send for the facts. We’ff expfein : 
in detail why your business is our 
business. ■. 

Mfce West, Economic Deuefopmem- 
Officer, The Council House, 

College Green, Bristol. ' 

Tel: (0272) 26031 k--:, . 

Douglas Smith ; Industrial Adviser, ^ 
CMc Offices, Swindon. 

Tel: (0793) 26161 Tafecr 444548 \ 


Iv 




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•/’ >*?: V.' ■' ’ 

-*&¥:■ ■' • ■ 



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